The Bond Market Association (TBMA)* provides comments to the Federal Financial Institutions Examination Council (FFIEC) on proposed Supervisory Policy Statement on Investment Securities and End-User Derivatives Activities (the 1997 Statement).  The 1997 Statement was issued by the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Office of Thrift Supervision (OTS), and the National Credit Union Administration (NCUA) under the auspices of the FFEIC. TBMA divides its comments into two sections: 1) general comments on the agencies’ proposed approach to supervision and oversight of investment securities and related activities; and 2) several specific comments and suggestions on particular aspects of the 1997 Statement.

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