Most Clicked SIFMA SmartBrief Stories

1. Labor Department announces fiduciary proposal

SIFMA SmartBrief | Apr 15, 2015

Labor Secretary Tom Perez unveiled a proposal that would subject brokers offering retirement advice to adhere to a fiduciary standard. SIFMA is closely reviewing the proposal and will provide its views during the public comment period. "We want to ensure it protects investor choice and doesn't unnecessarily reduce access to education or raise costs, particularly for low- and middle-income savers," said SIFMA President and CEO Kenneth E. Bentsen Jr. Read SIFMA's statement. InvestmentNews (free registration) (04/14) Wall Street Journal (tiered subscription model), The (04/14) Yahoo (04/14) Reuters (04/14)

2. Central clearing in repo markets imminent

SIFMA SmartBrief | Apr 14, 2015

Centralized trade-clearing systems for the $2 trillion-a-day borrowing and lending markets are almost ready to launch by financial institutions. The intent is to reduce risk in wholesale funding. Bloomberg (04/13)

3. Fed reportedly to let banks use muni bonds to meet requirements

SIFMA SmartBrief | Apr 17, 2015

The Federal Reserve is likely to let major banks count municipal securities toward their liquidity requirements, sources said. However, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp., which also have a say in the matter, are not planning to follow the Fed's lead. Michael Decker said SIFMA is happy to see action to recognize "the inherent liquidity of municipal securities as bank investments." Reuters (04/17) Wall Street Journal (tiered subscription model), The (04/16)

4. OMB nears release of Labor's fiduciary rule

SIFMA SmartBrief | Apr 14, 2015

The Office of Management and Budget is set to release as early as today the Department of Labor's proposed fiduciary standard for financial professionals who give retirement advice. The department submitted the rule for review less than two months ago. Stay tuned to for updates. (U.S.) (04/13)

5. General Electric exits banking business

SIFMA SmartBrief | Apr 13, 2015

General Electric plans to shed most of GE Capital and refocus on industrial operations. The move could allow GE Capital to escape designation as a systemically important financial institution, which comes with increased oversight by the Federal Reserve. Bloomberg (04/10) Wall Street Journal (tiered subscription model), The (04/10)

6. Labor's fiduciary plan could shake up how brokers operate, experts say

SIFMA SmartBrief | Apr 16, 2015

The Department of Labor's "definition of fiduciary" reproposal would require broker-dealers who provide retirement advice to act in the best interest of clients. During a preliminary review, retirement plan experts say the proposal could significantly alter how broker-dealers conduct business with retirement plans. Experts are focusing on a prohibited transaction exemption. SIFMA is thoroughly reviewing the proposal. Visit for more information, including SIFMA-commissioned reports and a chronology to date. Read SIFMA's view on the issue. InvestmentNews (free registration) (04/15)

7. Sen. Warren wants to split big banks, realign incentives

SIFMA SmartBrief | Apr 16, 2015

Sen. Elizabeth Warren, D-Mass., is calling on fellow lawmakers to change tax rules and break up major banks. Large financial institutions and senior executives should be discouraged from risky practices through tax penalties, Warren said. "Congress should change the tax code so that executive compensation is aligned with the long-term health of these companies," she said. Reuters (04/15) Bloomberg (04/15)

8. FINRA aims to simplify brokers' communication rules

SIFMA SmartBrief | Apr 17, 2015

The board of the Financial Industry Regulatory Authority has approved an initiative to streamline and modernize rules governing the way brokers communicate with the public. "The changes will make the communications rules more efficient and effective for firms of all sizes, including new members," Chairman and CEO Richard Ketchum said. InvestmentNews (free registration) (04/16) ThinkAdvisor (04/16)

9. Regulators question about clearinghouse risks

SIFMA SmartBrief | Apr 13, 2015

BlackRock, JPMorgan Chase and other firms have been raising concerns about the role of clearinghouses, saying they could contribute to a global financial crisis. Federal Reserve Governor Daniel Tarullo is discussing the risks with the industry, according to sources. "You've concentrated the point of failure," said Thomas Hoenig, vice chairman of the Federal Deposit Insurance Corp. Bloomberg (04/10)

10. Japan emerges as leading foreign holder of U.S. Treasurys

SIFMA SmartBrief | Apr 16, 2015

In February, Japan's holdings of U.S. Treasurys overtook those of China for the first time since the global financial crisis. However, Japanese and Chinese holdings fell that month as Treasurys experienced a total outflow of $6.3 billion. Financial Times (tiered subscription model) (04/15) Reuters (04/15) Bloomberg (04/15) Wall Street Journal (tiered subscription model), The (04/15)

Sign up for SIFMA SmartBrief

Designed specifically for investment bankers, broker-dealers, and mutual fund professionals, SIFMA SmartBrief is a FREE e-mail newsletter. By providing a summary of the day's most important securities news, SIFMA SmartBrief saves you time and keeps you smart. Sign up today to receive SIFMA SmartBrief, FREE of charge. Learn more