Most Clicked SIFMA SmartBrief Stories


1. Volcker calls for major reforms to regulatory framework

SIFMA SmartBrief | Apr 21, 2015

Former Federal Reserve Chairman Paul Volcker has proposed a reorganized regulatory system that would place the central bank at the lead, eliminate the Office of the Comptroller of the Currency and combine the Commodity Futures Trading Commission with the Securities and Exchange Commission. The system would establish a "simpler, clearer, more adaptive and more resilient regime," according to the Volcker Alliance. Bloomberg (04/20) Reuters (04/20) Hill, The (04/20) Financial Times (tiered subscription model) (04/20)


2. Raymond James CEO raises concerns about Labor fiduciary proposal

SIFMA SmartBrief | Apr 24, 2015

Paul Reilly, CEO of Raymond James Financial, is raising concerns about a proposal from the Department of Labor that would require financial professionals, including brokers, who offer advice on retirement plans to adhere to a fiduciary standard. "Honestly, I believe [the proposal] will leave millions of people without the advice they're getting today," Reilly said. Reuters (04/23)


3. Wells Fargo closes equity market maker for retail brokers

SIFMA SmartBrief | Apr 23, 2015

Wells Fargo, seeking to exit a noncore business, has shut its small U.S. retail electronic equity market making business that serves retail broker dealers. Wall Street Journal (tiered subscription model), The (04/22)


4. Trader's arrest raises questions about regulatory efforts

SIFMA SmartBrief | Apr 23, 2015

The arrest of U.K.-based trader Navinder Singh Sarao in connection with the 2010 "flash crash" is calling into question lapses in market oversight. The arrest, which took five years, also points to the difficulties regulators face in trying to detect future issues. New York Times (tiered subscription model), The (04/22) Reuters (04/22) Financial Times (tiered subscription model) (04/22) Bloomberg (04/22)


5. U.K. trader accused of helping cause 2010 "flash crash"

SIFMA SmartBrief | Apr 22, 2015

U.S. authorities have charged Navinder Singh Sarao, a U.K. futures trader, in connection with the "flash crash" of 2010. Sarao is accused of market manipulation that earned him $40 million from 2010 to 2014. The Department of Justice and the Commodity Futures Trading Commission say Sarao used illegal "spoofing" and "layering" strategies. Bloomberg (04/21) Deutsche Welle (Germany) (04/21) Wall Street Journal (tiered subscription model), The (04/21) Financial Times (tiered subscription model) (04/22)


6. Perez indicates Labor won't extend comment period for fiduciary proposal

SIFMA SmartBrief | Apr 24, 2015

The Department of Labor Secretary Thomas Perez indicated that the comment period for a proposed fiduciary standard for financial professionals who give retirement advice won't be extended. "The comment period is 75 days, followed by a public hearing and publication of the transcript, followed by another opportunity to comment on it; that's all in the aftermath of 18 months of informal outreach," he said. "That's a long time that we've provided, and we'll make sure we've heard people's voices." Read SIFMA's letter about the comment period. ThinkAdvisor (04/23)


7. MSRB trade-reporting proposal prompts questions, concerns

SIFMA SmartBrief | Apr 21, 2015

The Municipal Securities Rulemaking Board has proposed changes to Rule G-14 requiring dealers to report whether a trade was executed on an alternative trading system, included a fee that wasn't based on the transaction, and other information. SIFMA supports parts of the proposal but is raising some concerns. Leslie Norwood, associate general counsel and co-head of municipal securities at SIFMA, said that operationally, it will be difficult to include an indicator for nontransaction-based fees in dealers' trade reports. Read SIFMA's comments. Bond Buyer (special access for readers of SIFMA SmartBrief), The (04/20)


8. House approves cybersecurity legislation

SIFMA SmartBrief | Apr 23, 2015

The House voted 307-116 to approve legislation that is intended to encourage companies to share cyberattack information. However, lawmakers put a time limit of seven years on the measure. The Senate might vote on its on version of the measure next week. SIFMA expressed concerns with any efforts that would sunset this critically important legislation. Wall Street Journal (tiered subscription model), The (04/23) New York Times (tiered subscription model), The (04/22) Bloomberg (04/22)


9. Inclusion of proposed capital surcharge in bank stress tests opposed

SIFMA SmartBrief | Apr 22, 2015

Banks, SIFMA and other groups are voicing opposition to the inclusion of proposed capital surcharges on major banks in the Federal Reserve's stress tests. Including the surcharges would be "unnecessarily duplicative" and would effectively bar the use of this capital in times of stress, according to the groups. Read the comment letter from SIFMA and other associations. AmericanBanker.com (subscription required) (04/20)


10. Groups seek more time to study Labor fiduciary proposal

SIFMA SmartBrief | Apr 23, 2015

SIFMA and other industry groups have asked the Department of Labor for 120 days, up from 75 days granted by authorities, to comment on a proposed fiduciary standard for financial professionals who give retirement advice. The groups described the rules' proposal as a "watershed event" and said that, given the length and complexity of the rule, additional time is necessary to craft well-informed comments. The groups want to ensure the re-proposal fully addresses concerns to protect investor choice and access to education without raising costs for retirees. Read the letter. Hill, The (04/22) Politico Pro (subscription required) (04/22)




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