| News on the capital markets, securities and financial industry |  |
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- House clears bill narrowing definition of muni adviser
This week, the House approved a bill narrowing the definition of "municipal adviser." The legislation, which SIFMA supports, relieves some market participants from the burden of muni adviser registration and other rules. "This legislation appropriately clarifies the scope of regulatory oversight on municipal advisors," said Ken Bentsen of SIFMA. The bill "will ensure proper regulatory oversight of municipal advisors without subjecting already regulated entities to an additional, unnecessary layer of regulation." The Senate is not expected to consider the legislation before the November elections. Read SIFMA's statement on the House's approval of the legislation. The Bond Buyer (special access for readers of SIFMA SmartBrief)
(9/20), Reuters
(9/21)      
| Industry News | | |
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- Group advises caution with any attempt to replace Libor
Haste would be a mistake in any shift away from the use of the London Interbank Offered Rate, according to the International Swaps and Derivatives Association. "Libor must continue to be published," said ISDA Chairman Stephen O'Connor, noting that replicating the rate in all its usages would be a major and challenging task. Reuters
(9/20)
| Washington Roundup | | |
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- Senate panel reportedly will press for tougher Volcker rule
The Senate's Permanent Subcommittee on Investigations has been interviewing executives at JPMorgan Chase as well as regulators and others involved in the bank's large trading loss announced earlier this year. The panel, led by Sen. Carl Levin, D-Mich., is planning to announce its findings and put pressure on regulators to ramp up the proposed Volcker rule, sources said. Bloomberg
(9/21)
- Time to study markets' safety and soundness, Sen. Reed says
The chairman of the Senate banking committee's panel on securities, Sen. Jack Reed, D-R.I., said Thursday he would pursue a thorough examination of the markets in light of the mounting technological glitches that have occurred. "We don't want to be back six months or six years from now and say, 'Boy, we should have been a little more thoughtful about the deployment and use of this electronic trading,' " Reed said ahead of a hearing by his subcommittee about automated trading. While Reed, other lawmakers and some market experts called for tougher controls on high-speed trading, other experts raised concerns about making too many changes. Reuters
(9/20), The Wall Street Journal
(9/21)
- FINRA proposes ramping up access to BrokerCheck
The Financial Industry Regulatory Authority voted this month to make information on its BrokerCheck system easier for investors to tap into. Among the proposals, member firms would have to include a link to BrokerCheck on their websites for FINRA-registered brokers and investment-related civil actions dismissed by a settlement would have to be kept as a permanent public record. Reuters
(9/20)
- U.S. Treasury proposes rules against money laundering
The U.S. Treasury Department aims to expand anti-money-laundering requirements for the financial sector. In time, the rules could apply to other parts of the economy. The Treasury wants records kept that establish who truly controls financial accounts, even if they are held in a shell corporation. The Wall Street Journal
(9/20)
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- SIFMA Foundation will honor the former president and CEO of DTCC -- Oct. 23
SIFMA and the SIFMA Foundation invite you to join your industry partners Oct. 23 in honor of Donald F. Donahue, former president and CEO of DTCC and former CEO of DTCC's operating subsidiaries DTC, NSCC and FICC. Mr. Donahue is one of the most influential individuals in the area of investment clearing and depository services. He has earned recognition for innovative leadership in automating, centralizing, standardizing and streamlining processes that are critical to the safety and soundness of the capital markets. Dinner proceeds will benefit millions of students, teachers and schools across the country by engaging them in SIFMA Foundation's acclaimed financial education programs at a time when expanded financial literacy is critical to our nation's success. We encourage you to join your industry partners in supporting the SIFMA Foundation and its work.
- CAS Global Corporate Actions Forum -- Oct. 5 -- Chicago
The Corporate Actions Section of the SIFMA Operations and Technology will be hosting their Global Corporate Actions Forum on Oct. 5 at the Hyatt Chicago Magnificent Mile in Chicago. This full day event will feature presentations by experts across a wide array of topics pertinent to the Corporate Actions Community. Topics of discussion include the legal-entity identifier, data solutions for a global enterprise, technology and managing corporate actions risks, and much more. Connect with fellow professionals, interact with industry vendors and stay up-to-date on the latest important issues in corporate actions.
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