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How I See It
SIFMA President and CEO Tim Ryan on the state of the industry
SIFMA President and CEO Tim Ryan
As 2012 comes to a close, SIFMA SmartBrief asked SIFMA President and CEO Tim Ryan to share some of his reflections on this year and to look ahead to how he sees 2013 taking shape.

What progress was made on regulatory reform rulemaking in 2012?

SIFMA remains strongly supportive of comprehensive, balanced reform to financial regulation, both here in the U.S. and globally. We've supported rules when we believe regulators have gotten them right, and objected to proposals we feel miss the mark. Our economy cannot withstand rules that inadvertently create new pockets of risk -- like central clearing and the Volcker rule.

No one, however, can be happy about where the reform process stands. The problems began as a result of the political and bureaucratic constraints that produced a complex 2,300 page law, leaving the great majority of detailed decisions to the regulators. Only one-third of the required rules have been finalized, and while regulators have adopted some critical provisions related to non-bank SIFIs and Orderly Liquidation, many major rules, and their extraterritorial application, remain unresolved.

Further, coordination among U.S. regulators is lacking, resulting in likely conflict among rules and friction and fragmentation across markets. It's time to step back, review what we are trying to accomplish, and find a better approach to getting it done.

Read the rest of the Q-and-A.

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Most Popular Stories
These are the stories read and shared most by SIFMA SmartBrief readers in 2012
  • CFTC votes to finalize swap definitions and exemptions
    The Wall Street Journal (7/10), Market News International (7/10), Financial Times (tiered subscription model) (7/10), Bloomberg Businessweek (7/11), The Washington Post/The Associated Press (7/10)
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  • Fed guidance is out -- Volcker rule conformance is 2014
    Financial Times (tiered subscription model) (4/19), Reuters (4/19), The New York Times (tiered subscription model)/DealBook blog (4/19), The Wall Street Journal (4/19), The Hill/On the Money blog (4/19)
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  • Facebook's IPO prompts investor lawsuits
    The New York Times (tiered subscription model)/DealBook blog (5/23), Financial Times (tiered subscription model) (5/23), The Wall Street Journal (5/23), The Hill/On the Money blog (5/23)
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Industry Forecast
Do you think tax rates on capital gains and dividends should stay at a preferred rate?
65%   Yes
36%   No
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When do you expect regulators to issue a final version of the Volcker rule?
77%   The second quarter of 2013
21%   The first quarter of 2013
3%   December 2012
2%   January 2013
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How much of Dodd-Frank do you think will be finalized in the next year?
46%   Some of it
30%   Not much of it
15%   Nearly all of it
7%   Barely any rules finalized
4%   All of it
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What will be the biggest issue Congress addresses next year?
71%   Tax reform
18%   Nothing significant
7%   Housing finance reform
5%   Dodd-Frank modifications
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Product announcements appearing in SmartBrief are paid advertisements and do not reflect actual SIFMA endorsements. The news reported in Smartbrief does not necessarily reflect the official position of SIFMA.
SIFMA Resources
  • SIFMA's AML and Financial Crimes Conference -- Feb. 26-27 -- NYC
    EARLY-BIRD REGISTRATION OPEN: SIFMA's 13th Annual Anti-Money Laundering and Financial Crimes Conference is the securities industry's premier event for anti-money laundering compliance and practices. Join us and hear exclusive presentations from newly appointed Jennifer Shasky Calvery, director of FinCEN, and Adam Szubin, director of OFAC, on their agendas for the upcoming year. The conference convenes leading experts from the industry, regulatory agencies and law enforcement to discuss the most recent developments and requirements in anti-money laundering laws as well as provides practical guidance for implementing robust and effective compliance programs.
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  • SIFMA's 2013 Insurance- & Risk-Linked Securities Conference -- March 5-6 -- New York City
    Register now and save on registration! SIFMA's Insurance- & Risk-Linked Securities Conference will address the key issues and strategies for insurance- and risk-linked securities professionals for the coming year. Join your peers and industry experts as they discuss issuance perspectives from public entities, the evolving role of reinsurers in the ILS market, and more. Also, hear from the guest speaker -- Tim Marshall, meteorologist and principal engineer at Haag Engineering -- for his insights of this specialized issue.
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Smartest Quotes
These are the quotes SIFMA SmartBrief readers shared most in 2012
Never tell people how to do things. Tell them what to do and they will surprise you with their ingenuity.
-- George S. Patton,
U.S. Army general
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Worry does not empty tomorrow of its sorrow; it empties today of its strength.
-- Corrie ten Boom,
Dutch writer
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Education is the ability to listen to almost anything without losing your temper or your self-confidence.
-- Robert Frost,
American poet
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Now and then it's good to pause in our pursuit of happiness and just be happy.
-- Guillaume Apollinaire,
French writer, poet and critic
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Many of life's failures are people who did not realize how close they were to success when they gave up.
-- Thomas Edison,
American inventor
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In times of change, learners inherit the earth; while the learned find themselves beautifully equipped to deal with a world that no longer exists.
-- Eric Hoffer,
American social writer
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The real art of conversation is not only to say the right thing in the right place but to leave unsaid the wrong thing at the tempting moment.
-- Lady Dorothy Nevill,
British writer
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To be persuasive we must be believable; to be believable we must be credible; to be credible we must be truthful.
-- Edward R. Murrow,
American broadcast journalist
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It's not that I'm so smart, it's just that I stay with problems longer.
-- Albert Einstein,
German-born physicist
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Opportunity is missed by most people because it is dressed in overalls and looks like work.
-- Thomas Edison,
American inventor
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First Clearing, LLC is a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. 1112-04385

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