Private Client Group: Provide focus to the private client groups in their dealings with individual investors both US and globally
PCG's Mission
To discuss and debate all private client related issues within SIFMA to: a) develop uniform – or consensus - Board opinion, b) speak publicly on private client issues, and c) confer with the Chairs of the SIFMA Committees in the private client space to ensure that Board objectives are being met by the working Committees, and that concerns of the working Committees are communicated to the Board and acted upon, where appropriate.
View the PCG's Steering Committee Roster
View the PCG's Organization Chart
Find information below on Auction Rate Preferred Securities. Visit ARS under the Capital Markets link for complete information on the auction rate securities market.
Committees:
- Private Client Services(formerly Sales and Marketing)
- Independent Firms
- Regional Firms
- Small Firms
Latest Releases
July 22, 2008
Labor Dept.’s 401(k) Disclosure Recommendations “Excellent Starting Point”
July 9, 2008
"Structured Products: Principles for Managing the Distributor-Individual Investor Relationship"
Five leading trade associations, co-sponsors of the Joint Associations Committee (JAC), release best practices; Global Principles address wide range of issues affecting distribution of structured products to individual investors.
April 24, 2008
Update to the April 11, 2008, Interpretive Letter: Auction Rate Preferred Securities
Update to the temporary relief from the requirements of FINRA and SEC Rules regarding the net capital charges applicable to credit extended on non-marginable ARPS. This update modifies the requirement to obtain secured bank loans for credit extended to customers collateralized by ARPS.
April 23, 2008
Eaton Vance Insured Municipal Bond Fund, Eaton Vance Insured California Municipal Bond Fund, and Eaton Vance Insured New York Municipal Bond Fund today announced that they have secured new financing that the Funds intend to use to redeem approximately 65%, 55% and 63%, respectively, of their outstanding auction preferred shares at a redemption price equal to the liquidation preference of $25,000 per share, plus the amount of accumulated but unpaid dividends, for total consideration of approximately $580 million. Read PDF.
April 15, 2008
BlackRock, Inc. today announced that it intends to restructure approximately $1.9 billion of the leverage used by certain taxable and tax-exempt closed-end funds. Read PDF.
Van Kampen Senior Income Trust has announced its intention to redeem a portion of its auction-rate preferred securities. The Board of Trustees has approved refinancing the Trust’s leverage through its existing credit line, which will provide liquidity at par for the holders of a portion of the Trust’s ARPS. The Trust will be redeeming approximately $350 million of the $700 million ARPS outstanding (approximately 50%) on a pro rata basis by series. Read More
April 11, 2008
Eaton Vance Corp. announced today that four closed-end taxable income funds managed by its affiliate, Eaton Vance Management, have secured approximately $1.1 billion in committed financing that the funds intend to use to redeem approximately two-thirds of their outstanding auction preferred shares. Read PDF.
FINRA granted temporary relief to the 100 percent net capital charge for non-purpose loans made to customers that are collateralized by auction rate preferred securities. Read More.
April 4, 2008
Van Kampen is closely monitoring the situation relating to the lack of liquidity of closed end fund preferred shares, which enable the funds to use leverage to acquire assets. While the prospectus under which these shares were sold disclosed and contemplated a potential loss of liquidity, we realize that this market imbalance has created challenges for preferred stockholders and their financial advisors. Read More
April 1, 2008
Four taxable closed-end funds sponsored by Nuveen Investments today announced the refinancing of $714 million of their auction-rate securities, including auction-rate preferred shares and auction-rate notes. Read PDF.
March 12, 2008
Nuveen Investments, Inc. today announced that it is seeking to restructure the leverage of the 100 Nuveen closed-end funds that have issued auction-rate preferred
stock. Read PDF.
The Gabelli Convertible and Income Securities Fund Inc. has authorized the filing of a shelf registration of up to $100 million in preferred stock or debt securities. Upon its completion the Fund will have additional flexibility to take steps toward resolving the illiquidity that has occurred for holders of the Fund’s auction rate preferred stock. Read PDF
February 28, 2008
SEC’s Mutual Fund Prospectus Reform Gets SIFMA Support
More News Items . . .
More Issues:
