Capital Markets Sources and Further Reading, Part 2 of 2

Part 7: Governance, Boards and Executive Search

SEC Rule 10D-1 (17 CFR 240.10D-1) — Mandatory clawback: three completed fiscal years, pre-tax amount, no indemnification, reasonable estimate for TSR awards (7.4).
SEC press release 2022-192, clawback rules adopted — Adoption date October 26, 2022, and implementation sequence (7.4).
Nasdaq Rulebook, 5600 Series — Rule 5608 (clawback from October 2, 2023; policy within 60 days), Rule 5615(c) controlled company, Rule 5630 related-party review (7.1, 7.4, 7.8).
SEC press release 2022-149, pay versus performance — Item 402(v) adopted August 25, 2022; five-year table of compensation actually paid, TSR, peer TSR, net income (7.4).
15 U.S.C. §78n-1 and 17 CFR 240.14a-21 — Say-on-pay at least every three years, frequency vote every six, non-binding, EGC exemption; start dates January 21, 2011, and 2013 (7.5).
UK Companies Act 2006, ss.439, 439A and 226B — Advisory report vote, binding policy vote at least every three years, no payment outside an approved policy (7.5).
FRC, UK Corporate Governance Code 2024 — Provision 4 (20% opposition, six-month update); nomination committee succession duties (7.2, 7.5).
ISS, United States Proxy Voting Guidelines (meetings from Feb 1, 2026) — 70% say-on-pay responsiveness trigger, seven-year sunset for multi-class structures, five-year pay-for-performance test (7.1, 7.4, 7.5).
The Conference Board, CEO Succession Practices (Nov 2024) — Internal promotion rates, interim CEO tenure and retention, outsider pay premium, prior-year TSR (7.2, 7.3).
Equilar | AP CEO Pay Study 2026 — Median 2025 S&P 500 CEO pay $17.7 million (+5.9%), median stock award $10.9 million (7.4, 7.5).
Disney Form 8-K/A, 2024 annual meeting results — Say-on-pay and contested director vote counts (7.5, 7.7).
Disney Forms 8-K, CEO changes (Nov 20, 2022; Feb 3, 2026) — Iger’s return with a two-year term and successor mandate; D’Amaro named CEO effective March 18, 2026 (7.2).
17 CFR 240.14a-19 (universal proxy) — 67% solicitation minimum, 60-day nominee notice (7.7).
Bebchuk, Brav & Jiang, The Long-Term Effects of Hedge Fund Activism, Columbia Law Review 115(5), 2015 — About 2,000 interventions 1994–2007; about 6% abnormal return around 13D; no five-year reversal (7.7).
deHaan, Larcker & McClure, Review of Accounting Studies 24(2), 2019 — Value-weighted long-term returns indistinguishable from zero; gains concentrated in smallest targets (7.7).
Ferri & Maber (2013); Cuñat, Giné & Guadalupe (2016); Larcker, McCall & Ormazabal (2015) — Say-on-pay evidence for and against (7.5).
17 CFR 229.404 and 8 Del. C. §144 (as amended by SB 21, 2025) — $120,000 related-party disclosure; disinterested director or stockholder safe harbors; going-private needs both (7.8).
SEBI (LODR) Regulations 2015, consolidated to July 14, 2026 — Regs 17(6)(e), 18 (CFO approval), 19 (NRC), 23 (RPT approval; no related party votes), 41A (SR shares), Schedule XII thresholds (India Lens).
Companies Act 2013, s.197 (and the 2018 amendment) — 11%, 5% and 10% limits; special resolution route; government approval removed September 12, 2018 (7.5, India Lens).
SEC v. WorldCom, complaint (June 26, 2002) — $3.055 billion (2001) and $797 million (Q1 2002) of line costs moved to capital accounts (7.6).

Part 8: Alternatives

17 CFR 230.501 (Regulation D definitions, accredited investor) — Accredited investor net worth and income tests (8.1).
SEC Investor.gov, Hedge Funds — Fee ranges (1–2% of NAV, 15–20%), lock-ups of a year or more, redemption four times a year or fewer (8.1, 8.2).
Akin Gump, SEC final order increasing qualified client thresholds (April 2026) — $1.4 million / $2.7 million thresholds effective June 29, 2026 (8.1).
Getmansky, Lo and Makarov, NBER w9571 — Return smoothing in 908 hedge funds understates volatility and inflates Sharpe ratios (8.1).
Ibbotson, Chen and Zhu (2011), Financial Analysts Journal — 1995–2009 decomposition into fees 3.43, alpha 3.00, beta 4.70 points (8.2).
Dichev and Yu (2011), Journal of Financial Economics — Dollar-weighted hedge fund returns 3–7% a year below buy-and-hold (8.2).
Mitchell and Pulvino (2001), Journal of Finance — 4,750 mergers, put-like payoff, about 4% excess return a year (8.3).
Bloomberg Law, Tapestry deal with Capri blocked (October 24, 2024) — $57 a share, $8.5 billion, Capri down 45% to $22.82 (8.3).
Khandani and Lo, What Happened to the Quants in August 2007?, NBER w14465 — Quant unwind of August 2007 (8.4).
SEC Investor Bulletin: Real Estate Investment Trusts — REIT asset, income, payout and ownership tests (8.5).
CFTC, interim staff report on April 20, 2020, WTI trading — May 2020 WTI settled at −$37.63, first negative price in 37 years (8.5).
Erb and Harvey, The Tactical and Strategic Value of Commodity Futures, NBER w11222 — Long-only commodities as a term-structure bet (8.5).
IMF Global Financial Stability Report, April 2024 — Private credit vulnerabilities (8.6).
Cai and Haque, Private Credit: Characteristics and Risks, FEDS Notes (February 23, 2024) — Redemption and fire-sale risk judged low (8.6).
iCapital, BDC Redemptions: Looking Beyond the Gates (March 3, 2026) — 5% quarterly cap standard; 3.9-year average loan life (8.6).
17 CFR 275.202(a)(11)(G)-1 (family office rule) — Conditions for the family office exclusion (8.7).
SEC press release 2022-70 (Archegos charges) — $1.5bn/$10bn to $36bn/$160bn capital and exposure (8.7).
NBIM, half-year 2026 results (August 12, 2026) — NOK 22,683 billion and asset mix at June 30, 2026 (8.8).
SEBI (Alternative Investment Funds) Regulations, 2012, as amended — AIF categories, ₹20 crore corpus, ₹1 crore minimum (India Lens).
SEBI PR 89/2014 (REIT and InvIT regulations) — 90% distribution of net distributable cash flows (India Lens).

Part 9: Regulation and Financial Law

15 U.S.C. §78u-1, civil penalties for insider trading — Treble civil penalty (9.1)
SEC Release 33-11138, Rule 10b5-1 amendments (December 2022) — Cooling-off periods and good-faith condition (9.1)
31 CFR 1020.320, bank SAR rule — $5,000 threshold, 30/60-day deadline (9.2)
US Department of Justice, TD Bank plea (October 10, 2024) — Unmonitored volume and penalty (9.2)
OFAC Enforcement Guidelines, 31 CFR Part 501, Appendix A — Base penalty matrix (9.3)
OFAC, 50 Percent Rule guidance — Aggregated ownership test (9.3)
Regulation (EU) No 648/2012 (EMIR) — Source of EU clearing obligation (9.4)
FCA PS24/9, Payment optionality for investment research (July 2024) — Joint payments and their conditions (9.4)
Directive (EU) 2024/2811 (Listing Act) — EU research payment changes (9.4)
12 CFR 217.10 and 217.11, US capital rule — Minimum ratios and payout limits (9.5)
12 CFR Part 249, liquidity coverage and net stable funding — LCR outflow rates; NSFR factors (9.5)
Basel Committee, Basel III transitional arrangements 2017–2028 — Output floor phase-in to 72.5% (9.5)
Acharya, Schnabl and Suarez (2010), Securitization without risk transfer, NBER WP 15730 — Evidence of capital arbitrage (9.5)
Federal Register, US capital re-proposal (March 27, 2026) — Calibration debate; no output floor (9.5)
Federal Reserve SR 26-2, Revised Guidance on Model Risk Management (April 17, 2026) — Effective challenge; AI scope (9.6, 9.8)
Federal Reserve, Credit Suisse/Archegos enforcement (July 24, 2023) — Archegos loss and penalties (9.6)
UK Supreme Court, Re Lehman Brothers International (Europe) [2012] UKSC 6 — Client money trust and claims basis (9.7)
FCA Handbook, CASS 7A.2 — Primary pooling event and distribution (9.7)
CFA Institute, Summary of the 2023 revisions to the Code and Standards — 2024 changes to the Standards (9.8)
SEBI circular on upstreaming of clients’ funds (June 8, 2023) — India Lens: client funds (Part 9)
SEBI circular on implementation of the upstreaming framework (June 30, 2023) — Account and fund-flow provisions from September 1, 2023 (Part 9 India Lens)
SEBI circular on upstreaming of clients’ funds (December 12, 2023) — Revised upstreaming framework (Part 9 India Lens)

Part 10: Financial History’s Other Crises

Garber, “Tulipmania,” Journal of Political Economy, 1989 — Pound goods twentyfold; 68,553-guilder auction; 1637–38 contract rules (10.1)
Price, review of Goldgar, Tulipmania, Reviews in History, 2008 — Traders, scale, first-seller losses (10.1)
Odlyzko, “Isaac Newton and the perils of the financial South Sea,” Physics Today, 2020 — Newton’s gains and losses (10.2)
IMF, “Recovery from the Asian Crisis and the Role of the IMF,” June 2000 — Programs, early output estimates, supervision (10.3)
World Bank, World Development Indicators, GDP growth (annual %), accessed October 2026 — 1998 output falls: Thailand 7.6%, Korea 4.9%, Indonesia 13.1% (10.3)
President’s Working Group, Hedge Funds, Leverage, and the Lessons of LTCM, April 1999 — LTCM balance sheet, capital, recapitalization (10.4)
Federal Reserve History, “Near Failure of Long-Term Capital Management” — Founder, date, rescue (10.4)
Koo, testimony to the House Financial Services Committee, July 22, 2010 — Balance sheet recession figures (10.5)
Bank of Japan, Statement on Monetary Policy, September 18, 2026 — Policy rate around 1.25% (10.5)
SEC press release 2003-54, research analyst settlement — $1.4 billion settlement (10.6)
Federal Reserve Bulletin, November 1929 — Brokers’ loans withdrawn in October 1929 (10.8)
Report of the Presidential Task Force on Market Mechanisms (Brady Report), 1988 — Portfolio insurance sales and model arithmetic (10.8)
Roll, “The International Crash of October 1987,” Financial Analysts Journal, 1988 — Cross-country evidence (10.8)
RBI, Janakiraman Committee reports, 1992–93 — Bank receipts, ready forward deals, ₹3,018.63 crore (10.8)
RBI, Liquidity Risk Management Framework for NBFCs, November 4, 2019 — LCR and mismatch caps (10.9)
SEBI circular on AT1 instruments, October 6, 2020 — QIB-only issues, ₹1 crore lots (10.9)
SEC press release 2022-70, Archegos charges — Capital and exposure figures (10.9)
Bank of England, letter from Sir Jon Cunliffe on LDI, October 5, 2022 — Gilt moves, £50 billion forced sales (10.9)
FINMA, AT1 write-down statement, March 23, 2023 — Viability Event and emergency ordinance (10.9)
Swiss Federal Administrative Court, unlawful write-off of AT1 instruments, 2025 — October 1, 2025, partial decision (10.9)
SEBI, index-based market-wide circuit breakers, June 28, 2001 — India Lens

Part 11: Fintech, Crypto and the Next Monetary Layer

Nakamoto, Bitcoin: A Peer-to-Peer Electronic Cash System (2008) — Confirmation probabilities, section 11 (11.1)
ethereum.org: Proof-of-stake, Gas and fees, The Merge, Forks timeline — Finality, slashing, gas formula, Merge energy cut, DAO fork (11.1–11.3)
Budish, The Economic Limits of Bitcoin and the Blockchain (NBER w24717, 2018) — Security budget argument (11.2)
GENIUS Act, Public Law 119-27 — Reserves, yield ban, disclosure, holder priority, thresholds (11.4)
Federal Reserve proposed rule implementing the GENIUS Act (91 FR 61580, September 29, 2026) — Effective-date formula and rulemaking status (11.4)
MiCA Articles 50 and 54 (ESMA interactive rulebook) — 30% deposit rule and interest ban (11.4)
Circle fourth-quarter and full-year 2025 results — Reserve income, distribution costs, reserve return rate (11.4)
BIS Annual Economic Report 2025, chapter III — Singleness, elasticity, integrity critique (11.4)
Wang, Banks in the Age of Stablecoins (FEDS Notes, December 17, 2025) — Deposit effects depend on reserve mix (11.4)
Treasury Borrowing Advisory Committee, Digital Money (April 30, 2025) — $2 trillion scenario and $6.6 trillion deposit figure (11.4)
Federal Reserve, Review of the Supervision and Regulation of Silicon Valley Bank (April 2023) — Run speed (11.5)
Executive Order 14178 (January 23, 2025) — US CBDC prohibition (11.5)
ECB press release, October 30, 2025 — Digital euro timeline (11.5)
Aave, Liquidations; Uniswap v2 documentation — Health factor and constant-product mechanics (11.6)
US Attorney SDNY, Bankman-Fried sentencing (March 28, 2024) — FTX misuse of customer deposits (11.7)
SEC Chair statement on spot bitcoin ETPs (January 10, 2024) — ETP approval (11.7)
Visa USA Interchange Reimbursement Fees (effective April 18, 2026) — Credit and debit interchange rates (11.8)
Federal Reserve, Regulation II average interchange fees — 2024 covered vs exempt debit interchange (11.8)
CFPB, Buy Now, Pay Later: Market Trends and Consumer Impacts (September 2022) — BNPL unit economics, table 10 (11.8)
Chime Financial Form S-1 (2025) — Durbin-exempt partner banks, payments revenue share (11.8)

Part 12: The Full Stitch II — Practitioner Synthesis

FRED, Secured Overnight Financing Rate (SOFR) — SOFR 3.87% on Oct 1, 2026 (Case One base rate context)
FRED, 1-Year Treasury Constant Maturity (DGS1) — 4.54% on Sep 30, 2026 (Case Three dollar rate)
ECB euro reference exchange rate, US dollar — Spot 1.1355 on Sep 30, 2026; 2022 low 0.9565 on Sep 28, 2022
ECB AAA euro area yield curve, 1-year spot rate — 2.9612% continuously compounded on Sep 30, 2026 (Case Three euro rate)
Damodaran, Ratings, interest coverage ratios and default spreads (January 2026) — Synthetic rating bands used in the Case Two credit memo
Axelson, Jenkinson, Strömberg and Weisbach, Borrow Cheap, Buy High? (NBER w15952; Journal of Finance 2013) — Credit conditions drive buyout leverage and prices (Where Experts Disagree, 12.2)
Guo, Hotchkiss and Song, Do Buyouts (Still) Create Value? (NBER w14187; Journal of Finance 2011) — Sources of buyout returns, 192 deals 1990 to 2006 (12.2)
Deloitte DART, ASC 815-20-25-3 hedge designation and documentation — Formal documentation at hedge inception (12.4)
Deloitte, Hedge Accounting Roadmap, Section 5.3: foreign currency cash flow hedges — A forecasted intercompany dividend has no earnings impact until declared and does not qualify as a forecasted exposure (12.4)
Deloitte, Hedge Accounting Roadmap, Section 5.4: net investment hedging — ASC 815-35-35-1 gains and losses in the CTA; release on sale or liquidation under ASC 830-30-40-1 (12.4)
Reserve Bank of India, home page current rates — FBIL rate ₹95.9927 per dollar (Oct 1, 2026); 364-day T-bill cut-off 6.1798% (India Lens)
RBI (Unhedged Foreign Currency Exposure) Directions, 2022 — Potential loss ÷ EBID bands, 20 to 80 bp provisions, +25 pp risk weight (India Lens)

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