David Sims
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Articles by David Sims
Reform of the UK Senior Manager and Certification Regime for financial services firms
| Overview Criminal record checks Validity period extended from 3 to 6 months; no longer required for intragroup moves. Relevant forms will be updated from 10 July 2026. The "12 week rule" for covering the temporary or unforeseeable absence of a SMF holder Application for regulator approval of interim or permanent SMF replacement to be filed by 12 weeks. Senior Manager Conduct Rules to apply to the covering individual.
Best Performance. Sara Moonves.
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Senior manager and certification regime - radical streamline or incremental change?
On 15 July 2025 HM Treasury ("HMT"), the Prudential Regulation Authority ("PRA") and the Financial Conduct Authority ("FCA") each published consultations on proposed reforms of the Senior Manager and Certification Regime ("SMCR"). The consultation period closes on 7 October 2025. The regulators aim to publish final rules by mid-2026 but it is unclear how long after that firms will be given to prepare before the final rules come into force.
FCA and PRA shelve new rules on diversity and inclusion, with update on non-financial misconduct expected this June
Overview On 12 March 2025, the FCA and PRA announced that they will not be taking forward proposed rules aimed at improving diversity and inclusion in regulated firms. At the same time, the FCA also published an update on its plans for transparency of enforcement investigations, and non-financial misconduct. Diversity and inclusion As we wrote about here, the FCA and the PRA consulted in parallel on proposed rules and expectations aimed at improving diversity and inclusion in regulated firms.
"Examining the Link Between College Gender Ratios and Assortative Marri" by Bryan Seegmiller and David Sims
Keywords college gender ratios, assortative marriage, gender ratio, demographic features College Family, Home, and Social Sciences Abstract It has been well-documented that the latter half of the 20th century and the early 21st century has seen vast upheavals in the societal roles of males and females in Western society.
Planning a Move? The Most Common Jobs in Orange County, California
There has been a trend in recent years of people moving away from the coasts. Texas, Colorado, and other states have seen an influx of residents, and people from California and New York have relocated. Yet California still holds a strong attraction to many. And in all of California, which area is more idyllic than Orange County? You can’t help but picture palm trees, sunshine, beaches, and a laid-back lifestyle. It’s one of the most sought-after places in the world.
Budget-Savvy Bathroom Renovation: Tips For Maximizing Your Resources
A bathroom renovation can breathe new life into your home, but it often comes with a hefty price tag. However, with careful planning and resourcefulness, you can achieve a stunning bathroom makeover without breaking the bank. In this blog post, we’ll explore ten budget-savvy tips to help you maximize your resources and create a beautiful bathroom on a limited budget. From setting a realistic budget to finding cost-effective materials and clever DIY solutions, we’ve got you covered.
Knock at the Cabin and the Terror of Raising Children
The Weight-Loss-Drug Revolution Is a Miracle—And a Menace About a decade ago, Susan Yanovski, an obesity researcher at the National Institutes of Health, held a symposium to discuss a question that bedeviled her field: Why was it so hard to develop weight-loss drugs that actually worked and didn’t harm the people they were meant to help?For years, the most popular weight-loss pills had earned their stigma.
The Crypto Bubble 2.0 Is Expanding
Back in January 2018, I made the call that the crypto bubble would go bust. This includes Bitcoin (BTC-USD), which is the focus of this article. Here's a portion of the original text I wrote then. The general argument provided by crypto enthusiasts is that the currency is valuable for two reasons: Blockchain technology is revolutionary. Supply of cryptocurrency is limited. I'll address these two arguments simply. Blockchain technology is revolutionary because it is new.
The End of an Era for HBO-And for Television
The End of an Era for HBO—And for Television More The network has lost its CEO just months after its parent company was bought by AT&T. Subscribers should brace themselves for dramatic change.
Middle Eastern Cities in a Time of Climate Crisis
Agnès Deboulet et Waleed Mansour (dir.) … The climate crisis is hitting around the world, including in the Middle East and its cities. Urban regions are exposed to increasingly frequent heat waves and floods that leave decision makers without immediate answers. In the context of this global crisis, this book addresses the need for a better understanding of the current model of urban expansion.
Impac Is Going To Lose The Preferred Stock Appeal
A few years back, I took a position in a penny stock called Impac Mortgage (IMH) under the Preferred C symbol (OTCPK:IMPHO). At that time, I didn't fully comprehend the legal struggle underway between the company and preferred shareholders lead by Curtis Timm. In the beginning, my investment thesis was simple. After reading the prospectus and the offering circular that supposedly amended the contractual rights of the preferred in 2009, I was content to buy the preferred at a fraction of book value.
Hollywood Can't Ignore the Success of 'Crazy Rich Asians' | RealClearMarkets
Hollywood Can't Ignore the Success of 'Crazy Rich Asians' The film has passed $50 million within its first nine days of release, already sparking talk of a sequel. But producers should look beyond one potential new franchise.Read Full Article »
Movies: John Chu's "Crazy Rich Asians" Is a Breath of Fresh Air | RealClearMarkets
Jon M. Chu's adaptation of the best-selling novel is both a step forward for Hollywood and a throwback to the classic high-society comedy.
How MoviePass Has Forever Changed Act of Ticket Buying
How MoviePass Has Forever Changed Act of Ticket Buying The company announced a new, more restrictive plan for subscribers after its stock spiraled, but it has already left a lasting mark on theater chains.Read Full Article »
AT&T's Troubling Plan to Make HBO Much More Like Netflix | RealClearMarkets
AT&T's Troubling Plan to Make HBO Much More Like Netflix The telecom giant, which just acquired Time Warner, is seeking to drastically change the premium-cable channel in order to compete with streaming services.Read Full Article »
Here Are 2 Better Acquisition Targets For Amazon
Over the past few weeks, rumors have been circulating that Amazon (NASDAQ:AMZN) is shopping for a mortgage origination company. For some reason, all the focus has been around the private company, loanDepot. Back in 2015, loanDepot was about to IPO and I wrote an article questioning the valuation. At the time, the finance experts valued loanDepot at $2.5 billion. Like loanDepot, Impac Mortgage (IMH) is also based out of Irvine, California.
Impac Board And C-Suite Completely Overhauled Ahead Of Sale?
If you weren't paying attention to Impac Mortgage (IMH) over the past few months, you may have missed some big changes that have overhauled the company's leadership structure. On Friday, June 1st, the company announced a major change to the board of directors, which will be effective this summer. Four of the legacy members of the board of directors have been removed. The only legacy member of the board of directors that will remain is Frank P. Filipps. Thomas B. Akin joined the board last year.
Avoid The Bubble, Sell ARKW Now
If you are one of those investors holding the ARK Web x.0 ETF (NYSEARCA:ARKW), then congratulations may be in order. In 2017, ARKW was one of the top performing ETFs in the market, returning 87.9%. This article will make the case that you may want to dump it, as soon as possible, rather than waiting for a repeat. Stock market gravity has a way of pulling us back to normalcy. As you can see, ARKW's performance far outpaced the PowerShares QQQ Trust ETF (NASDAQ:QQQ) since inception.
My Experiences Mining Crypto
It's been about 48 hours since I started mining Monero and just a couple of weeks since I went on the record saying that crypto-currencies were in a bubble. Still intrigued by crypto, I figured there was still more I could learn about it. So, I did what anyone would do and went to YouTube looking for a tutorial. Within ten minutes I had a basic understanding of how to get started. Within 20 minutes I was mining away. Here's a view of my dashboard after the first day.
Impac Preferred Own At Least $51.8 Million Of Book Value
In 1863, President Abraham Lincoln took the stage in a tiny town of Gettysburg Pennsylvania. The crowd had just listened to the pastor and politician Edward Everett give a two-hour sermon. The gathering took place to dedicate the Gettysburg National Cemetery, near the famous battle in which 23,000 troops were killed, wounded, or missing. Honest Abe was asked to join the event as an afterthought.
The Crypto Bubble Will Go Bust
A few months ago, my wife suggested that we watch a movie called "Boom Bust Boom." Given my complete lack of excitement for anything related to the financial markets in the past 18 months or so, I was reluctant to sign on for anything like that. However, the puppets and singing were quite entertaining. The general premise is true. Humans tend to forget and fall back into the same patterns again and again.
Hanging With Mr. Cooper (Eh. Nationstar Mortgage)
If you are baffled by the title, you are in good company. Hangin' with Mr. Cooper was a sitcom that aired from 1992 to 1997 about a suave and zany ex-basketball player turned gym coach. However, Mr. Cooper is actually the rebranded name of Nationstar Mortgage (NYSE:NSM), at least the customer-facing portion of the company. The new website even comes with a group of smiling cartoon avatars holding balloons and dancing in confetti.
Loews: Dividend Hike In The Offing?
Over the past few years, as interest rates have dropped, yield hungry investors have swallowed up lots of high dividend-yielding equities. This has helped to prop up the stock market and push equity valuations. There are still a handful of companies retaining earnings, holding cash, and not increasing their dividends though. This might create a value proposition.
Millennials Want Minimal Homes
A few days ago, I wrote a few words about minimalism and how the typical millennial is rejecting the prior mainstream "bigger is better" mentality of consumerism. Minimalism is not just about going smaller. It's about improving your personal efficiency and providing the peak level of enjoyment and output. The corporate world should be very familiar with these concepts. Efficiency is profitable. Wasted space and time is not. Homebuilders may not be prepared for the millennial buyer.
Oil And Gasoline Prices Diverging From Long-Run Trends
Take a walk around town and listen to people talk about Hurricane Harvey. Eventually, someone will say something like this, "Well, you know gas prices are already going up." It's true. That area of Texas is home to a lot of oil refineries. These facilities take crude oil and turn it into gasoline. These catastrophic floods have shut down gasoline production for that area. The hurricane made landfall just about 5 days ago and since that time the United States Gasoline (UGA) ETF has surged.
Vicro: Hidden Micro-Cap Gem
Just recently, I wrote some very negative things about the broader markets, focused on valuation, geopolitics, and the economic cycle, which I believe is going to be proven in the near-term through market volatility. When the volatility period ends, investors should be ready to put cash to work. One area of the market that remains an opportunity is small and micro cap value stocks. I asked some friends to send me their value picks from a long perspective and this is the first one. Virco Mfg.
Finish Line May Be A Value Trap
Investors in Finish Line (FINL) were treated to a drop of more than 20% on Tuesday. The retailer lowered their outlook for future profitability. Investors really shouldn't be surprised though. The company clearly tells us to be cautious in their annual report. That's right, they have 573 "mall-based" operations. Malls are dying everywhere and supposedly we are in the middle of an economic boom. It makes you wonder what would happen during the next recession.
Impac Mortgage Prepping For The Next Phase
Every July, Impac Mortgage (IMH) holds their annual meeting in sunny Irvine, California. I counted myself among the handful of shareholders that attended the annual meeting this year and it was well-worth the trip. Temperatures in Irvine (and nearby Laguna Beach) last week were in the mid-70s. Meanwhile, in other areas of the United States, temperatures reached 100 degrees or more. This might be a perfect analogy for Impac, the mortgage market, and the overall economy.
Picking Up Nickels In Front Of A Steam Roller
Someone once created the phrase, "Picking up nickels in front of a steam roller" as an metaphor for investing. Some investors will indeed go out of their way to pick up small gains, while ignoring the massive destruction that slowly bears down upon them. Small Gains, Large Risks, Terrible Result In practice, there are countless examples of taking small profits with larger risks lurking. Here are a few of them. The first example is covered call and other options trading.
Red Alert - Bear Market Approaching
The focus of this article is a broad view of key economic indicators in the following areas, with respect to U.S. Markets: Overall, the picture is mixed. Evidence suggests we are close to a downward correction in equity markets and/or a near-term recession. Employment is one of the most broadly followed economic indicators in the markets. Once a month, the BLS and ADP give us a general outlook on employment with an unemployment rate and payrolls data.
5 Reasons To Choose SOPIX For Your Market Short
Many investors are talking about how expensive the overall market is right now. P/E ratios are stretched to high multiples, while the economic cycle is showing signs of being near a top. It's possible that the cycle could continue to expand, but if history is any guide, a recession will come along and topple all the bullish expectations. That's the natural way of the world. As an investor, I remain bullish on a few companies, but the pickings are getting slim these days.
The Peachy Bull Market Is Due For A Black Swan
On this day in history, May 13, 1846, the President of the United States and the U.S. Congress declared war on Mexico. The war centered around a dispute over Texas. Nearly two years later, a peace agreement was signed, which included a $15 million payment from the U.S. to Mexico. In return, the United States claimed lands in California, New Mexico, and Texas. Public opinion headed into this war was deeply divided.
Impac Mortgage Moves On 2017 Strategy
Back in December 2016, several shareholders sent an open letter to Impac Mortgage (NYSEMKT:IMH) asking for change. Since then, the company has taken steps to move forward on some strategic plans and now we, as investors, are due for a new analysis. A key move was the company's sale of $56 million worth of stock in a private equity offering. Management should also be applauded for using a private equity offering to raise cash.
Euro Tumbles as German Industrial Data Disappoints, ECB Cautions on Le Pen
The Euro fell to a one-week low due to the uncertainty over France's election and a slow performance from Germany's economy. Data shows Germany's economy fell 3%, figures that have not been seen in the past eight years. "Orders in manufacturing and construction and also sentiment indicators in these sectors are signaling a revival of output growth in coming months," the Economy Ministry said in a statement alongside the release.
An Open Letter To The Board Of Directors At Impac Mortgage
Recently, stockholders at Impac Mortgage (NYSEMKT:IMH) sent the following letter to their Board of Directors. Letter to Impac BOD 12-9-16 Final by David Sims on Scribd These shareholders await further response from the company. Dividends to the preferred stock have been suspended since 2009. In 2015, the company earned $80.8 million, the first significant amount of earnings since dividends were suspended.
Impac Preferred Stockholders Present Simple Stock Swap Proposal
Today, several stockholders of Impac Mortgage (NYSEMKT:IMH) are presenting a new proposal for restructuring the equity portion of the company's balance sheet. Months ago, these same preferred stockholders drafted a different proposal for a preferred stock restructuring. The prior proposal included similar share swap terms, but also included a cash payment and multiple options. Elimination of the cash payment is the primary difference to the current proposal.
MBIA Trades With Significant Margin Of Safety
A few months ago, investors in MBIA (NYSE:MBI) watched as their stock fell to the $6 range and traded around one-fourth of book value. The source of the collapse was a precipitous drop in equity markets, combined with negative headlines about a Puerto Rican default. Some investors saw this as a buying opportunity and were rewarded. The stock subsequently rose to over $9 per share.
Iconix Looks Like A Value
Back in February, Iconix Brand Group (NASDAQ:ICON) traded in the low $6 range. The market was in turmoil and a classic value investor may have been able to snap up some shares with a P/E ratio around 4. Since then, the stock has rallied significantly and then pulled back some. The stock is up about 15% to 20% from those lows in the first quarter. For the first quarter, the company earned an adjusted 53 cents per share.
Jos. A. Bank And The Folly Of Quantitative Easing
A few years back, I wrote an article comparing buy-one-suit-get-three-free sales by Jos. A. Bank to the Federal Reserve's quantitative easing program. Then, Jos. A. Bank's management did something absolutely brilliant. In March 2014, it sold the company for $1.8 billion to Men's Wearhouse (NYSE:TLRD), its closest competitor (and twice its outfit's size). Earlier this month, Men's Wearhouse - which, in February, changed its name to Tailored Brands - owned up to the reality that Jos. A.
Impac Increases Warehouse Capacity, Looks To Acquire
Impac Mortgage (NYSEMKT:IMH) recently reported 1st Quarter 2016 earnings. This means it is time to revisit the analysis. The company reported what appears to be a lousy diluted EPS of just $0.08. However, as always, there are layers of the earnings to unwrap. Patient investors may want to read on from here. The bottom line on the earnings analysis is this, operating earnings were actually $7 million. That's about 57 cents in operating earnings per diluted share. Why does this matter?
Don't Pluck A Growth Company Like Impac From Your Portfolio Due To Fear
Although the art of bonsai is typically thought to be a Japanese tradition, the art actually originated in 700 AD in China. The Chinese called their dwarf trees 'pun-sai.' During the Kamakura period, the art of bonsai was introduced to Japan. Over the many centuries that followed, this art was redefined and perfected. Bonsai is, simply put, the art of cultivating a small tree and maximizing its aesthetic values.
We Should All Be Concerned About The Next Housing Crisis
Many investors may question whether or not the United States actually has a housing shortage right now, but once they see the data, they might be believers. This may be interesting news for investors looking at the iShares US Home Construction ETF (NYSEARCA:ITB).
Buy A Bargain Stock With Lannett Near 2-Year Lows
Lannett Company, Inc. (NYSE:LCI) may be deeply undervalued due to overall market conditions but is poised for a resurgence. The company develops manufactures and distributes generic prescription pharmaceutical products. It markets products primarily to wholesalers, retail drug chains, distributors, and government agencies. In comparison to many stocks within the generic drug sector, the stock may be a bargain based upon key value metrics.
Extreme Fear Driving Negative Returns On Wall Street
With the latest fear and greed index readings, the markets appear to be slipping back into extreme fear territory. This may be related to a tepid January employment report from Friday morning in which only 151,000 jobs were added for non-farm payrolls vs 188,000 expected. Additionally, the prior month numbers were revised down to 262,000 from 292,000. Additional weak spots in the economic picture were reported this week with factory orders declining 2.9% where is the market expected 2.6% decline.
Piper Jaffray Dipping Into Strong Value Territory
Piper Jaffray Companies (NYSE:PJC) is a $496.62M market cap financial sector company with annual revenue of $626.10M. The company's primary business is Regional Investment Brokerage. This stock could be considered a Small Cap, due to the aggregate market value of the stock. This stock may be severely undervalued based on key valuation metrics. The company will report 4th Quarter 2015 earnings results on Thursday, February 4th.
Impac Mortgage May Profit From Lower Rates
Impac Mortgage Holdings Inc. (NYSEMKT:IMH) is a $136.78M market cap Financial sector company with annual mortgage originations of nearly $10 billion. The company's primary business is Mortgage Originations and Warehousing. The enterprise value of the company is estimated to be $5.49B. The stock qualifies as a Micro Cap investment, due to the market cap being between $50 and $300 million. Based on one or more measures of stock valuation, this stock may be a potential winner in the long-run.
KB Home Still Has Room To Grow
KB Home (NYSE:KBH) has a $971.66M market cap with annual revenue of $3.03B. The company's primary business is Residential Construction and enterprise value of the company is $3.04B. With a market cap between $300 million and $2 billion, this stock is considered a Small Cap. Based on one or more measures of stock valuation, this stock may be a potential winner in the long-run. In terms of macro trends, one might look at home prices, housing supply, and housing demand.
Suspended Preferred Stock Dividends Reflect Fear Of Operating Failure At 5 Companies
This article is going to focus on a very unique situation. That is, companies that are profitable, yet they do not pay a dividend to preferred shares. This analysis will look not only at the preferred stocks with suspended dividends, but also at the valuations of the related common stocks that trade in the market and how a suspended dividend to preferred shares may be affecting the valuation of those common stocks. First, we will take a look at Fannie Mae (OTCQB:FNMA) and Freddie Mac (OTCQB:FMCC).
Buy Ambac Near Historic Lows
Ambac Financial Group, Inc. (NASDAQ:AMBC) is a $604.63M market cap Financial company with annual revenue of $659.05M. The company's primary business is Surety & Title Insurance. Meanwhile, the enterprise value of the company is $16.47B. This stock could be considered a Small Cap, due to the aggregate market value of the stock. Some value metrics for this stock may be appealing to investors. In recent weeks, Ambac has slid to near historic lows.
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