When a big bank or large financial firm breaks the law, should the institutional punishment be extended to how it can register securities offerings? That question has sparked a war of words at the Securities and Exchange Commission and the eventual answer could be a game-changer for firms that benefit from a longstanding registration exemption.
Refusing the exemption for banks that have settled charges stemming from actions during the financial crisis could also finally offer regulators a way to hold those banks responsible for their actions, some argue.
