The Over-The-Counter (OTC) Derivatives Committee of the Securities Industry Association (SIA)* provides comments to the U.S. Senate Banking Securities Subcommittee on the Subcommittee’s report: Proposals by the Securities and Exchange Commission and the Financial Accounting Standards Board (FASB) for the Accounting Treatment of Financial Derivatives.  SIA strongly concurs with the report’s findings and recommendations. In particular, the Subcommittee’s recommendation that FASB re-expose its proposals for the Accounting Treatment of Financial Derivatives is timely and provides compelling argument for FASB reconsideration.

*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.