Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
  1. Homepage
  2. Equities
  3. Switzerland
  4. Swiss Exchange
  5. Credit Suisse Group AG
  6. News
  7. Summary
    CSGN   CH0012138530

CREDIT SUISSE GROUP AG

(CSGN)
  Report
Delayed Swiss Exchange  -  12:31:58 2023-03-21 pm EDT
0.8834 CHF   +7.31%
05:46pMarketmind: Hoping Powell sheds light in fog of uncertainty
RE
04:57pShares jump but investor fears about bank 'whack-a-mole' linger
RE
04:40pJudge in Archegos founder's criminal case unlikely to dismiss charges
RE
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisionsFunds 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

U.S. poised to tighten reporting rules on $20 tln private fund sector

03/17/2023 | 01:50pm EDT
FILE PHOTO: The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their  headquarters in Washington, D.C.

(Reuters) - Wall Street's top regulator is set to adopt new rules aimed at bolstering oversight of systemic risk in the burgeoning, multitrillion-dollar world of private equity and hedge-funds.

More than a year in the making, the new policy move from the U.S. Securities and Exchange Commission arrives as global regulators and markets digest this week's near-death of Credit Suisse, which was among several banks that in 2021 posted staggering losses after lending billions to now-defunct family office Archegos Capital Management.

In an update to regulations first adopted in the wake of the global financial crisis, the SEC is due to vote March 22 on whether to adopt a proposed rule that would require notification from advisers to large privately-managed funds of events indicating "significant stress" or that could signal growing risk in the financial system.

As proposed in January 2022, the rule would require reporting of such events to the SEC within one business day. The SEC has yet to release the final version.

The Commission says it wants to fill "significant information gaps" for privately held assets that remain despite reporting requirements adopted under the 2010 Dodd-Frank Wall Street reform legislation following the 2008 financial crisis. The agency billed the new rule in part as a means of supporting the Financial Stability Oversight Council, a multi-agency risk-monitoring body also created under Dodd-Frank.

In the decade since, the gross value of assets under private management, traditionally subject to less monitoring and oversight than banks and public companies, has more than doubled to $20.1 trillion, according to SEC data, roughly equivalent to 80 percent of the US economy.

Along with the U.S. Commodity Futures Trading Commission, the SEC in August also proposed further amendments that, among other changes, would enhance how hedge funds report their exposures to investments, counterparties, and currencies and would require more detailed information about investment strategies.

Financial reform advocates have broadly endorsed the SEC's effort, citing historic examples of shocks to the global financial system due to risk-taking by privately managed funds such as Archegos and the highly leveraged Long Term Capital Management. LTCM suffered huge sovereign bond losses in 1998 and reportedly had nearly $1 trillion in undisclosed positions with major investment banks, requiring a multibillion-dollar bailout arranged by the Federal Reserve Bank of New York.

Hester Peirce, a Republican member of the Commission, has opposed the proposal, branding it a needless departure from the SEC's congressional mandate under Dodd-Frank that was unlikely to achieve its desired effects, a view shared by industry groups pushing for lighter regulation.

The proposal offered "scant evidence" that it would enhance FSOC's monitoring for systemic risk, she said in dissenting remarks against the proposal, adding that it would likely become a tool "for government to micromanage private fund risk management."

(Reporting by Douglas Gillison; Editing by David Gregorio)

By Douglas Gillison


ę Reuters 2023
Stocks mentioned in the article
ChangeLast1st jan.
BANK OF NEW YORK MELLON CORPORATION (THE) 4.32% 45.14 Delayed Quote.-0.83%
CREDIT SUISSE GROUP AG 7.31% 0.8834 Delayed Quote.-70.22%
All news about CREDIT SUISSE GROUP AG
05:46pMarketmind: Hoping Powell sheds light in fog of uncertainty
RE
04:57pShares jump but investor fears about bank 'whack-a-mole' linger
RE
04:40pJudge in Archegos founder's criminal case unlikely to dismiss charges
RE
04:20pReact Group optimistic; Cindrigo inks financing
AN
03:30pUBS set for talks with Michael Klein to terminate Credit Suisse investment..
RE
01:49pHedge funds eye opportunities in cut-price Credit Suisse AT1s
RE
01:08pGlobal shares jump but bank 'whack-a-mole' not over
RE
12:59pShift to Fed's Rate Hike Path, Better Outlook on UBS-Credit Suisse Deal Pushes US Equit..
MT
12:42pImproved Sentiment Over UBS-Credit Suisse Deal Boosts Exchange-Traded Funds, US Equitie..
MT
12:40pSwiss govt suspends forms of variable remuneration at Credit Suisse
RE
More news
Analyst Recommendations on CREDIT SUISSE GROUP AG
More recommendations
Financials
Sales 2023 14 604 M 15 853 M 15 853 M
Net income 2023 -2 237 M -2 428 M -2 428 M
Net Debt 2023 - - -
P/E ratio 2023 -1,65x
Yield 2023 5,43%
Capitalization 3 482 M 3 779 M 3 779 M
Capi. / Sales 2023 0,24x
Capi. / Sales 2024 0,22x
Nbr of Employees 50 480
Free-Float 98,4%
Chart CREDIT SUISSE GROUP AG
Duration : Period :
Credit Suisse Group AG Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends CREDIT SUISSE GROUP AG
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 15
Last Close Price 0,88 CHF
Average target price 2,82 CHF
Spread / Average Target 219%
EPS Revisions
Managers and Directors
Ulrich K÷rner Group Chief Executive Officer
Dixit Joshi Chief Financial Officer
Axel P. Lehmann Chairman
Joanne Hannaford Chief Technology Officer
Francesca Jane McDonagh Chief Operating Officer
Sector and Competitors