Mr. Hsu states:

"There are limits to an organization's manageability. . . . I believe there is a growing body of evidence to support this premise. Enterprises can become so big and complex that control failures, risk management breakdowns, and negative surprises occur too frequently - not because of weak management, but because of the sheer size and complexity of the organization."

Accepting Mr. Hsu's premise, doesn't his observation apply to…

The FRB states in its climate risk exercise, "Challenges [in conducting this analysis] include the forward-looking nature of climate risks and the lack or relevant historical data; complex feedback effects that are difficult to mode; and uncertain links between climate change and economic and financial outcomes." Put differently, a significant challenge to such an analysis is that there is not an established relationship between the input (i.e., climate change) and the output (i.e., bank…

One mistake that broker-dealers repeatedly make is failing to document and execute transactions with their affiliates as they would transactions with unaffiliated third parties. If anything, firms should impose a higher standard of control on affiliate transactions, not only because of the potential conflicts, but because of the tendency to be overly relaxed or trusting when transacting with affiliates.

NASAA's interests are primarily focused on more regulation and enforcement. In general, the association appears unconcerned with facilitating business activity or reducing regulatory burdens. One item in NASAA's 2023 Federal Policy agenda with the appearance of being deregulatory is its support for the "." The bill would require the SEC to "host events" for small businesses and rural businesses, and "meet with representatives of State securities commissions to discuss opportunities for…