BlackRock Public Policy
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Financial regulatory reform fundamentally impacts asset managers and investors. As a fiduciary for our clients, BlackRock supports the creation of a regulatory regime that increases transparency, protects investors, and facilitates responsible growth of capital markets, while preserving consumer choice and assessing benefits versus implementation costs.
This engagement review is intended to explain BlackRock’s overarching philosophy in relation to corporate governance and responsible investment and provide practical examples of our work in 2012. It is organized on a variety of overlapping themes, which provide a sense of the breadth and complexity of this aspect of BlackRock’s work on behalf of clients.
The fiscal condition of state governments continues to improve nearly five years after the onset of the financial crisis. While challenges remain in the current environment of slow economic growth, states have taken the necessary actions to balance budgets and to ensure full and timely payment on debt obligations. In fact, the vast majority of states were successful in balancing their fiscal year (FY) 2013 budgets on or ahead of the July 1, 2012, start. This report reviews the progress states have made in balancing budgets in this post-Great Recession environment.
Financial benchmarks are under review by multiple regulators around the world as a result of the allegations of manipulation of LIBOR that have surfaced. We commend the efforts to learn more about financial benchmarks, as they are used by a wide range of investors and market participants. As the discussions proceed, however, we caution regulators to carefully evaluate what types of reforms may benefit investors and which may impose unintended harm. This paper outlines the key differences between rate benchmarks and market benchmarks (commonly called market indices), and advocates prudent reforms that are in the best interests of investors and financial markets.
These materials are part of a series of BlackRock public policy materials, published under the ViewPoints heading and is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of the dates specified in the materials posted and may change as subsequent conditions vary. The information and opinions contained in these materials are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy.
These materials may contain "forward-looking" information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in these materials is at the sole discretion of the reader.
These materials are being distributed/issued in Australia and New Zealand by BlackRock Financial Management, Inc. ("BFM"), which is a United States domiciled entity. In Australia, BFM is exempted under Australian CO 03/1100 from the requirement to hold an Australian Financial Services License and is regulated by the Securities and Exchange Commission under US laws which differ from Australian laws. In Canada, these materials are intended for permitted clients only. BFM believes that the information in this document is correct at the time of compilation, but no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by BFM, its officers, employees or agents. Latin America these materials are intended for Institutional and Professional Clients only. These materials are solely for educational purposes and do not constitute an offer or a solicitation to sell or a solicitation of an offer to buy any shares of any fund (nor shall any such shares be offered or sold to any person) in any jurisdiction within Latin America in which an offer, solicitation, purchase or sale would be unlawful under the securities law of that jurisdiction. If any funds are mentioned or inferred to in these materials, it is possible that they have not been registered with the securities regulator of Brazil, Chile, Colombia, Mexico and Peru or any other securities regulator in any Latin American country and no such securities regulators have confirmed the accuracy of any information contained herein. No information discussed herein can be provided to the general public in Latin America.
The information provided here is neither tax nor legal advice. Investors should speak to their tax professional for specific information regarding their tax situation.
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