Most Clicked SIFMA SmartBrief Stories


1. Labor's fiduciary proposal faces opposition from Senate Democrats

SIFMA SmartBrief | Apr 27, 2015

Key Senate Democrats have warned U.S. Labor Secretary Tom Perez that a proposal to impose a fiduciary duty on brokers dispensing retirement advice could make it more difficult for consumers to get professional help. The plan has already been criticized by Republican lawmakers and investment firms. Bloomberg (04/24)


2. FINRA considers dropping CARDS amid security concerns

SIFMA SmartBrief | May 01, 2015

The Financial Industry Regulatory Authority won't implement a broad data-collection program until the financial-services industry's concerns have been resolved, according to CEO Richard Ketchum's testimony prepared for Congress. Critics are concerned about the security of information in the Comprehensive Automated Risk Data System and potential costs. Bloomberg (04/29) InvestmentNews (free registration) (04/30)


3. SEC moves toward disclosure rule for exec pay

SIFMA SmartBrief | Apr 29, 2015

The Securities and Exchange Commission is poised today to propose a requirement that companies disclose to shareholders how the compensation of leading executives aligns with the financial performance of the firm. The rule would force companies to include top executives' "actual pay" in annual proxy filings. Wall Street Journal (tiered subscription model), The (04/28)


4. Rep. Neugebauer questions SEC about shortage of bond liquidity

SIFMA SmartBrief | Apr 30, 2015

Rep. Randy Neugebauer, R-Texas, a member of the House Financial Services Committee, has asked Mary Jo White, head of the Securities and Exchange Commission, how the agency is handling a shortage of liquidity in the bond market. "Liquidity problems in the capital markets, especially for fixed income securities, can have negative consequences on the ability for municipalities and corporations to fund operations or undertake job-creating expansions," Neugebauer wrote in a letter to White. Wall Street Journal (tiered subscription model), The (04/29)


5. MSRB to issue guidance by July for best-execution rule

SIFMA SmartBrief | Apr 28, 2015

The Municipal Securities Rulemaking Board will publish by July guidance on its best-execution rule, said Kym Arnone, head of the agency. The rule, which becomes effective Dec. 7, requires dealers to use "reasonable diligence" to find a security's best market and buying and selling the security to achieve the best price possible for the customer. Bond Buyer (free content), The (04/27)


6. Commentary: Labor overreaches with fiduciary proposal

SIFMA SmartBrief | Apr 28, 2015

Regulation of retirement fund advisers proposed by the Department of Labor would restrict investors' choices, writes John Berlau. "Besides being unnecessary and intrusive, the rule is legally dubious and a major case of executive-branch overreach," Berlau writes. "At [President Barack] Obama's direction, the DOL is massively stretching its limited authority over pensions under the Employee Retirement Income Security Act (ERISA) of 1974 to bypass the Securities and Exchange Commission, which has primary jurisdiction over investments, and reshape the retirement-savings industry." See also: Oliver Wyman-SIFMA "Standard of Care Harmonization, Impact Assessment." National Review (04/27)


7. Asset managers offer their take on "duration" plays

SIFMA SmartBrief | May 01, 2015

Bond investors are struggling with the near-zero yields on many government debt instruments, prompting interest in riskier securities for returns. Long-duration bonds have become increasingly popular because they can help increase returns. Executives at DoubleLine and GMO offer their insights on investing in long-duration bonds. Bloomberg (04/30)


8. Commentary: More big changes seen in trading, regulations

SIFMA SmartBrief | Apr 27, 2015

Changes in stock exchanges, such as online trading and transactions without any human involvement, came about not from planning or creativity, but in the pursuit of profit, writes Harvey Pitt, former Securities and Exchange Commission chairman and now a business consultant. The future promises big changes, such as an end to a physical presence of the New York Stock Exchange trading floor and an attempt by the Financial Stability Oversight Council to seek jurisdiction over stock exchanges it sees as presenting systemic risks. Wall Street Journal (tiered subscription model), The (04/26)


9. Operational issue causes early release of Twitter earnings

SIFMA SmartBrief | Apr 30, 2015

The Nasdaq Stock Market took the blame for the early release of Twitter's quarterly results, which resulted in suspension of trading of the latter's stock. "Our Shareholder.com inadvertently made an early version of Twitter's earnings release publicly accessible," Nasdaq spokesman Joe Christinat said. "We're investigating the root cause. The issue did not impact other Shareholder.com clients." Register now for the SIFMA Equity Market Structure Conference. CNBC (04/29) Wall Street Journal (tiered subscription model), The (04/28) Financial Times (tiered subscription model) (04/29)


10. FSOC member sees inappropriate foreign influence on U.S. policy

SIFMA SmartBrief | Apr 29, 2015

Roy Woodall, an insurance expert on the Financial Stability Oversight Council, is raising concerns about foreign regulators' influence on U.S. policies. "International regulatory organizations may be attempting to exert what I consider to be inappropriate influence on the development of U.S. regulatory policy," according to Woodall's testimony prepared for a Senate banking committee hearing. Bloomberg (04/27)




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