Most Clicked SIFMA SmartBrief Stories


1. Editorial: Obama's fiduciary plan to raise cost of investing

SIFMA SmartBrief | Feb 27, 2015

President Barack Obama recently pushed a proposal that would subject brokers and other financial professionals who give retirement account advice to a fiduciary standard. The proposal would raise the cost of investing and remove choices for middle-class investors, according to this editorial. Read SIFMA's statement on how the proposed Department of Labor regulation could adversely affect retirement savers. Wall Street Journal (tiered subscription model), The (02/25)


2. SEC's Gallagher cautions about bond market when rates rise

SIFMA SmartBrief | Mar 03, 2015

The Financial Stability Oversight Council has failed to pay sufficient attention to the corporate-bond market, which could pose a "systemic risk" to the economy when interest rates rise this year, Securities and Exchange Commission member Daniel Gallagher said at a conference. Some large money managers have warned that the market could fail as rates rise. "It would be a lot better if the SEC could take some action to help the market structure, to create liquidity before we actually have a mess on our hands," Gallagher said. Bloomberg (03/02)


3. Big firms won't automatically be deemed SIFIs, Lew says

SIFMA SmartBrief | Mar 04, 2015

Just because a financial firm has more than $50 billion in assets does not mean it will be deemed a "systemically important" financial institution and therefore subject to increased regulations, U.S. Treasury Secretary Jack Lew said. "It's not a hard line," Lew told a Senate subcommittee. Reuters (03/03)


4. Fiduciary proposal could hurt defined contribution plans, experts say

SIFMA SmartBrief | Mar 03, 2015

Industry experts continue to note concerns about a potential Department of Labor proposal to subject brokers and other finance professionals who give retirement advice to a fiduciary rule. Lisa Bleier, managing director for public policy and advocacy at SIFMA, said the move could have a chilling effect at call centers, especially for smaller defined contribution plans. "If those conversations can't happen, that's a lot of people who are going to be knocking on the door of HR," Bleier said. Visit SIFMA's DOL Fiduciary Standard Resource Center. Pensions & Investments (free access for SmartBrief readers) (03/01)


5. Sen. Crapo joins critics of FINRA's CARDS

SIFMA SmartBrief | Feb 26, 2015

Sen. Michael Crapo of Idaho, the second-ranking Republican on the Senate banking committee, has joined critics of a proposal by the Financial Industry Regulatory Authority to collect brokerage data, warning of a loss of investor privacy and potential use by government for surveillance. In a letter to FINRA Chairman and CEO Richard Ketchum, Crapo cites a survey that says most investors think the cost of the Comprehensive Automated Risk Data System would be greater than the benefit. Read SIFMA's Investor Survey on CARDS. InvestmentNews (free registration) (02/25)


6. House approves expanded college savings plan

SIFMA SmartBrief | Feb 26, 2015

The House of Representatives approved legislation Wednesday expanding qualified expenses for college savings accounts, also known as 529 plans. President Barack Obama had dropped a proposal to eliminate tax breaks for the savings accounts. Visit SIFMA's 529 Savings Plans Resource Center. Hill, The (02/25)


7. SEC adopts FINRA rule on public arbitrators

SIFMA SmartBrief | Mar 02, 2015

A proposal by the Financial Industry Regulatory Authority to restrict individuals in securities disputes from being public arbitrators has been approved by the Securities and Exchange Commission. Anyone who has worked in the financial industry would be deemed a nonpublic, or industry, arbitrator. Previously, that person would be reclassified a public arbitrator five years after leaving the industry. "This classification change represents the latest in a series of rule changes aimed at raising the political correctness rating of the forum's roster at the cost of competence and adequacy of coverage," said Rick Ryder of the Securities Arbitration Commentator. InvestmentNews (free registration) (02/27)


8. N.Y. regulator proposes rules against money laundering

SIFMA SmartBrief | Feb 26, 2015

Senior bank executives could be required to personally vouch for efforts against money laundering, says Benjamin Lawsky, New York's superintendent of financial services. He also says banks should receive a warranty from vendors indicating that the latter has a cybersecurity system. AmericanBanker.com (free content) (02/25) Wall Street Journal (tiered subscription model), The (02/25)


9. Regulators seen getting more specific on cybersecurity

SIFMA SmartBrief | Mar 02, 2015

Regulators are becoming more specific in how to fight cybercrime, write Jennifer Archie, Kevin Boyle and Vivian Maese. A guide published in October by SIFMA, "Principles for Effective Cybersecurity Regulatory Guidance," offers suggestions for cybersecurity regulation. "What the SIFMA principles really do is bring to the forefront the importance of the interconnectedness of that securities ecosystem," Maese notes. Learn more at SIFMA's Cybersecurity Resource Center. JDSupra.com (02/27)


10. IEX hires former NYSE exec as it moves to become exchange

SIFMA SmartBrief | Mar 02, 2015

IEX Group has hired Claudia Crowley, a former New York Stock Exchange executive, as chief regulatory officer. She's been a consultant for IEX as it prepares its regulatory filing for the exchange it plans to operate by the third quarter. Reuters (03/02)




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