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. Mutual fund companies moving billions into trusts

SIFMA SmartBrief | Mar 05, 2015

Mutual fund companies are moving billions of dollars into collective trusts that the Securities and Exchange Commission does not regulate. Managed funds at a competitive disadvantage with passive investment products could benefit from the shift and investors could save money with lower fees. Reuters (03/04)

5. 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)

6. 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)

7. MSRB sees muni disclosures up significantly

SIFMA SmartBrief | Mar 05, 2015

Issuers of municipal bonds have increased disclosures of financial and operating data, probably due to the Municipalities Continuing Disclosure Cooperation initiative, said Lynnette Kelly, executive director of the Municipal Securities Rulemaking Board. However bank-loan disclosures have not increased, Kelly said. Read SIFMA's blog post on the tremendous strides made in improving market transparency for retail investors. Bond Buyer (special access for readers of SIFMA SmartBrief), The (03/04)

8. 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. (02/27)

9. Leveraged-loan market exhibits signs of recovery

SIFMA SmartBrief | Mar 04, 2015

Leveraged-loan issuance fell amid increased regulatory scrutiny and reduced oil prices, but the market appears to be starting to recover. The price of the debt has reached the highest level in almost three months. Bloomberg (03/03)

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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