Most Clicked SIFMA SmartBrief Stories


1. White paper highlights thorough regulation of brokers

SIFMA SmartBrief | Mar 24, 2015

SIFMA released a white paper on Monday that shows the Securities and Exchange Commission and the Financial Industry Regulatory Authority already "thoroughly" regulate brokers. The white paper by law firm Morgan Lewis & Bockius also asserts that the White House didn't adequately consider the effectiveness of current rules when it proposed subjecting brokers who offer retirement savings advice to a fiduciary standard. "The [White House Council of Economic Advisers] memorandum really omitted and incorrectly portrayed the regulatory framework as it exists today and has existed, as Morgan Lewis points out, for really 100 years," SIFMA President and CEO Kenneth E. Bentsen Jr. said. Read SIFMA's media release. Read the white paper. Bloomberg (03/23) InsuranceNewsNet online (03/23) InvestmentNews (free registration) (03/23)


2. SEC should work with Labor on fiduciary rule, GOP tells White

SIFMA SmartBrief | Mar 25, 2015

The Securities and Exchange Commission should better coordinate with the Department of Labor on a fiduciary standard for financial professionals who provide retirement advice, Republican members of the House Financial Services Committee told Mary Jo White, head of the SEC. The Labor Department and the SEC are separate agencies and must approach rule writing accordingly, White told the committee. InvestmentNews (free registration) (03/24) ThinkAdvisor (03/24) Hill, The (03/24)


3. SEC calls for FINRA registration of prop-trading firms

SIFMA SmartBrief | Mar 26, 2015

The Securities and Exchange Commission has approved a proposal to increase oversight of high-frequency-trading firms, voting unanimously to require proprietary-trading companies to register with the Financial Industry Regulatory Authority. The SEC will gather feedback on the change, which needs approval again before going into effect. Financial Times (tiered subscription model) (03/25) Wall Street Journal (tiered subscription model), The (03/25) Reuters (03/25)


4. SIFMA's AMG says money managers, funds do not pose systemic risk

SIFMA SmartBrief | Mar 26, 2015

SIFMA's Asset Management Group and the Investment Adviser Association are encouraging the Financial Stability Oversight Council against designating money managers and their funds as systemically important financial institutions. "It is imperative that policymakers recognize that the business structure of an asset manager and the funds they manage is fundamentally different from a commercial bank, does not present systemic risk, and as such should not be subject to SIFI designation," Timothy Cameron, managing director and head of SIFMA's AMG, and IAA President and CEO Karen Barr wrote in a letter. The groups are urging FSOC to defer to the Securities and Exchange Commission. Read SIFMA's news release. Read the comment letter. Pensions & Investments (free access for SmartBrief readers) (03/25)


5. Wall Street talent moves to Silicon Valley

SIFMA SmartBrief | Mar 25, 2015

Google has selected Ruth Porat, chief financial officer for Morgan Stanley since 2010, to be its CFO. She joins other prominent Wall Street executives who have moved to the rapidly growing technology sector on the West Coast. New York Times (tiered subscription model), The (03/24) Bloomberg (03/24) TechCrunch (03/24)


6. Volcker wants financial regulators consolidated

SIFMA SmartBrief | Mar 23, 2015

Paul Volcker, former chairman of the Federal Reserve, says he and his think tank are poised to publish a paper urging reorganization and consolidation of financial regulators. The plan includes establishing a single supervisor for financial institutions, with the central bank having authority to write rules. "I think the financial crisis has exposed just how rickety and out of date our supervisory framework is," Volcker said. Wall Street Journal (tiered subscription model), The (03/20)


7. SIFMA urges SEC to not authorize non-dealer MAs as muni agents

SIFMA SmartBrief | Mar 23, 2015

In a letter from SIFMA to Mary Jo White, head of the Securities and Exchange Commission, Leslie Norwood, co-head of municipal securities at SIFMA, urged the agency to reject a request from the National Association of Municipal Advisors, which asked the SEC to let non-dealer municipal advisors act as placement agents for muni bonds. "Where municipal advisors engage in activities that constitute acting as a broker, the investors with whom they deal should be entitled to the same protections they receive when dealing with a registered broker -- protections not provided by municipal advisor regulation," Norwood wrote. Read SIFMA's comments to the SEC. Bond Buyer (special access for readers of SIFMA SmartBrief), The (03/20)


8. Broker advocates call PIABA's findings flawed

SIFMA SmartBrief | Mar 27, 2015

The Public Investors Arbitration Bar Association recently released a report claiming that the advertising and marketing materials of nine major brokerages often imply they put clients' interests ahead of their own. However, they often claim during arbitration that they are not subject to a fiduciary standard. PIABA's conclusions are flawed, according to broker advocates. "It's curious why PIABA would see something nefarious in how brokers defend themselves in arbitration," said Kevin Carroll, associate general counsel for SIFMA. WealthManagement.com (U.S.) (03/25)


9. Liquidity crunch looms large over global bond markets

SIFMA SmartBrief | Mar 24, 2015

Market participants and regulators are concerned that a liquidity crunch will hit global bond markets. Others say the risk isn't as great as it was in 2008. Financial Times (tiered subscription model) (03/23)


10. Survey: 4 of 5 investors warn bonds are overvalued

SIFMA SmartBrief | Mar 23, 2015

A survey of 300 global fund managers has found that 80% say bonds are overvalued, as investors search for yield amid low interest rates and quantitative easing. Financial Times (tiered subscription model) (03/22)




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