A group of fourteen trade associations urged the European Commission to grant an extension for the temporary equivalence for UK central counterparties until certain regulatory implementations have been made under EMIR 2.2 and until the European Securities and Markets Authority.
The SIFMA Asset Management Group argued that the Depository Trust and Clearing Corporation should revise its on-boarding requirements before its application to become a Security-Based Swap Data Repository is approved.
A recent post on SIFMA's "Pennsylvania + Wall" blog is highly critical of a recently published academic report. SIFMA argues that the report makes "overly broad and inflated claims" concerning levels of misconduct among financial advisors.
SIFMA expressed support for the Senior$afe Act of 2015. In a letter to Senators Susan Collins (R-ME) and Claire McCaskill (D-MO), SIFMA stated that the act would prevent financial exploitation and "better protect firms and advisors who are looking out for the best interest of their elder clients".
SIFMA provided notice to banking regulators (the Board of Governors of the Federal Reserve, the Office of the Comptroller of the Currency and the FDIC) of a forthcoming change in the treatment of variation margin payments for over-the-counter derivatives by central clearing counterparties ("CCPs"). Historically, variation margin payments have been treated as collateral for outstanding exposure, a treatment that a SIFMA comment letter refers to as the "collateralized to market" ("CTM") model. Going forward, the CCPs will adopt a model by which variation margin payments are treated as settlement of the exposure under the contract, a treatment that the SIFMA comment refers to as the "settled to market" ("STM") model.
Twenty-four member firms of ISDA, MFA and SIFMA pledged to begin clearing their single-name credit default swap ("CDS") trades voluntarily through central counterparties. "The commitment by the major buy-side firms to move to central clearing will create efficiencies and increase transparency in...
SIFMA filed an amicus curiae brief with the U.S. Supreme Court in Merrill Lynch, Pierce, Fenner & Smith, Inc., et al. v. Manning . The case presents the question of whether claims that are based on state law but that relate to violations of the Exchange Act must be heard in federal court. The...