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April 17, 2012
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News on the capital markets, securities and financial industry

  Morning Bell 
  • Leading financial advisers tell clients to stand pat
    Barron's offers its ranking of the top 100 financial advisers in the U.S. As the stock-market rallies and then pulls back, advisers are encouraging clients to remain vigilant and keep a level head. "It can take years to get our clients to think as investors," said Morgan Stanley's Gregory Vaughan, who is at the top of the list for the second consecutive year. "Like everyone else in the world, they have short memories, and they are focused on a particular set of experiences; those are what shape their thinking about the markets." There is still time to join top wealth management professionals Wednesday at SIFMA's Private Client Conference 2012. (4/14) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Other News
  Washington Roundup 
  • Senate rejects 30% "Buffett rule" tax on the rich
    The "Buffett rule" that would set a minimum 30% tax rate on the wealthiest Americans failed to get enough votes to pass in the U.S. Senate. The 51-45 party-line vote in favor of the measure backed by President Barack Obama fell short of the 60 votes needed to overcome solid Republican Party opposition. Bloomberg (4/17) LinkedInFacebookTwitterEmail this Story
  • SEC makes effort to bulletproof rule-making
    The Securities and Exchange Commission is working to ensure its rule-making withstands heightened scrutiny after criticism of the way it analyzes the economic impact of measures. The regulator instructed staffers to offer stronger economic justification as they draft rules. Chairman Mary Schapiro is scheduled today to testify in a House subcommittee hearing titled "The SEC's Aversion to Cost-Benefit Analysis." Reuters (4/16), The Wall Street Journal (4/16) LinkedInFacebookTwitterEmail this Story
  • JOBS Act lifts restrictions on hedge fund marketing
    President Barack Obama has signed the Jumpstart Our Business Startups Act, which lifts some restrictions governing the way hedge funds can market themselves and attract investors. However, some experts voiced concern about unintended consequences. "As a hedge fund manager, I'm delighted, but I'm not sure it's in the best interest of the public," said Andrew Lo, chairman of AlphaSimplex Group and a professor at Massachusetts Institute of Technology. The Wall Street Journal (4/16) LinkedInFacebookTwitterEmail this Story
  • Frank dismisses critics of financial-reform law
    Critics of the Dodd-Frank Act are either "right-wingers who don't want any regulation" or "uninformed" liberals, Rep. Barney Frank said in addressing the debate over the law that bears his name. Frank said one change he wishes he could make is having financial institutions rather than taxpayers pick up $20 billion of the bill's cost. The Hill/On the Money blog (4/16), New York magazine (4/15) LinkedInFacebookTwitterEmail this Story
  • Analysis: Fed scrutinizes "too big to fail" firms
    The Federal Reserve aims to deal with systemically important companies with a rule that applies to all financial institutions, not only banks, according to The Economist. "The consequences could be immense," the magazine notes. The Economist (4/14) LinkedInFacebookTwitterEmail this Story
  • Commentary: Banks make changes to comply with Dodd-Frank
    Deutsche Bank separated its bank holding company from its investment bank in an effort to avoid the increased capital requirements put forth by the Dodd-Frank Act. Regulators have allowed such changes despite the issues they raise. "That's because Dodd-Frank failed to heed a fundamental law of architecture: Form must follow function," write Thomas Cooley and Kim Schoenholtz, professors of economics at the Stern School of Business at New York University. "For financial regulation to be effective, it should focus on economic function, rather than legal form." Bloomberg (4/16) LinkedInFacebookTwitterEmail this Story
  • Other News
  Asset/Wealth Management Report 
  • Research firm offers its take on financial social media
    Research firm Corporate Insight released a report last week on the social media efforts of 90 financial-services firms. Among its conclusions: The tone of the communication should be appropriate to that particular social media channel, target campaigns instead of pursuing broader audiences, and provide information that users desire, not necessarily only what the firm wants to present. SIFMA offers the next installment of its SIFMA Social Media Seminar series June 20. AdvisorOne (4/13) LinkedInFacebookTwitterEmail this Story
SIFMA’s Financial Services Technology Leaders Forum and Expo, the industry’s premier financial services event! Explore top financial tech trends, and hear from senior-thought leaders. Learn more.
  SIFMA News 
  • SIFMA's 39th Operations Conference & Exhibit -- Scottsdale, AZ, May 1-4
    SIFMA's 39th Annual Operations Conference + Exhibit is the premier event dedicated to operations in the financial services industry. Key speakers include Cyrus Amir-Mokri, Assistant Secretary for Financial Institutions, U.S. Department of the Treasury; Stephen Daffron, Global Head of Operations, Technology and Data, Morgan Stanley; and Grace Vogel, Executive Vice President, FINRA. They lead an all-star lineup of industry and regulatory thought leaders who will discuss important topics such as: Infrastructure, Risk Management, Regulatory Issues, Trade Processing Changes, Protecting Customer Assets, Volcker Rule, Corporate Actions and Proxy, Cost Basis Reporting, and many more! It is a must-attend event. Register today. LinkedInFacebookTwitterEmail this Story
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Man cannot discover new oceans unless he has the courage to lose sight of the shore."
--André Gide,
French author

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