Most Clicked SIFMA SmartBrief Stories

1. Fed requires major banks to hold more capital

SIFMA SmartBrief | Jul 21, 2015

The eight biggest banks in the U.S. have to hold significantly more capital to protect themselves from collapse under rules finalized by the Federal Reserve. "Upon first review, we are disappointed that the final rule does not sufficiently address a number of concerns expressed in our comment letter and therefore is likely to unnecessarily constrict the ability of financial institutions to lend, facilitate capital formation and drive economic growth," said Kenneth E. Bentsen Jr., SIFMA president and CEO. Read the Fed's media release. Read SIFMA's statement. The Wall Street Journal (tiered subscription model) (07/20) ABC News (07/20) The Hill (07/20) Market News International (07/20)

2. Senate spending bill includes Dodd-Frank revision

SIFMA SmartBrief | Jul 23, 2015

The Senate banking committee is attaching to a critical spending bill a measure that would change the Dodd-Frank Act. The measure would raise to $500 billion, from $50 billion, the asset threshold for banks considered "too big to fail," letting regulators exempt smaller banks from tougher oversight and capital requirements. The Associated Press (07/22) The Hill (07/22)

3. Labor not listening to fiduciary comments, SEC official says

SIFMA SmartBrief | Jul 27, 2015

Securities and Exchange Commission member Daniel Gallagher doubts the U.S. Department of Labor is listening to public comment about its proposed fiduciary rule, he says in a letter to Labor Secretary Thomas Perez. "It is clear to me that the [department] rulemaking is a fait accompli and that the comment process is merely perfunctory. ... I am convinced that the rule, when finalized, will harm investors and the U.S. capital markets," Gallagher wrote. Visit SIFMA's DOL Fiduciary Standard Resource Center. (07/23)

4. Major banks face class-action suit over Treasurys

SIFMA SmartBrief | Jul 27, 2015

A class-action lawsuit alleging conspiracy to manipulate Treasury prices was filed Thursday in U.S. District Court in New York against 22 banks by Boston's municipal pension fund and other investors. According to the complaint, the banks swapped information and coordinated strategies. CNBC (07/24) Boston Herald (07/25)

5. Volcker rule starts today; banks say they're ready

SIFMA SmartBrief | Jul 21, 2015

The Volcker rule, which bans proprietary trading by major banks, goes into effect today. Major financial institutions say they are ready. To comply, banks must report metrics that are intended to detect violation. Smaller non-U.S. banks could face challenges. Banks have been selling collateralized loan obligations in preparation. (subscription required) (07/20) International Financial Law Review online (free registration) (07/20) Financial Times (tiered subscription model) (07/20)

6. SEC's Gallagher criticizes Labor's fiduciary proposal

SIFMA SmartBrief | Jul 22, 2015

The U.S. Labor Department's proposed fiduciary rule for financial professionals would harm the interests of middle-class clients, according to a public comment letter by Securities and Exchange Commission member Daniel Gallagher. He denounces the measure as "rampant nanny-statism." Reuters (07/21)

7. SIFMA: Labor is wrong regulator to lead on redefining fiduciary

SIFMA SmartBrief | Jul 21, 2015

SIFMA submitted eight comment letters on the Department of Labor's proposed rule to redefine fiduciary under the Employee Retirement Income Security Act. "We agree with the DOL that more can be done to help Americans save for retirement and that there should be a best interests standard in place; however, we believe DOL is the wrong regulator to be in the lead here and the rule as written completely misses the mark," said Kenneth E. Bentsen Jr., SIFMA president and CEO. "SIFMA's comment letters reflect our ongoing concerns that the DOL's proposal would cause harm -- particularly to low and middle-income retirement savers -- by limiting investors' access to choice and guidance, while raising the cost of saving." Read SIFMA's media release. Bloomberg (07/20) Reuters (07/20) InvestmentNews (free registration) (07/20) (U.S.) (07/20)

8. Perez says Labor "flexible" on rulemaking for fiduciary proposal

SIFMA SmartBrief | Jul 22, 2015

Department of Labor Secretary Thomas Perez told members of a Senate subcommittee that the department's fiduciary proposal will include changes. "We are very flexible in how to get this [rulemaking] done," he said. "We haven't made any decisions yet on what to do [regarding amending the redraft] because the comment period is still open. But we've gotten some great advice." SIFMA stated in comment letters that the Labor Department is not the right regulator to be leading this effort, and the rule as written misses the mark. The proposal would limit access to investment advice, and make receiving and giving it much more expensive, SIFMA wrote. Visit SIFMA's DOL Fiduciary Standard Resource Center. Pensions & Investments (free access for SmartBrief readers) (07/21) InvestmentNews (free registration) (07/21) ThinkAdvisor (07/21)

9. House committee tells Labor to drop fiduciary proposal

SIFMA SmartBrief | Jul 24, 2015

Republicans on the House Education and the Workforce Committee said in a letter to U.S. Labor Secretary Thomas Perez that his agency should withdraw its proposed fiduciary standard. Lawmakers said they are concerned that the proposal would cut off financial advice needed by small-business owners and families with modest resources. The Labor Department has limited time to complete the rule. Pensions & Investments (free access for SmartBrief readers) (07/23)

10. Basel Committee, IOSCO publish criteria for assessing ABS risks

SIFMA SmartBrief | Jul 24, 2015

The Basel Committee on Banking Supervision and the International Organization of Securities Commissions have released criteria showing that asset-backed securities should pool similar assets to be labeled "simple, transparent and comparable." Bloomberg (07/23)

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