Testimony on Financial Institutions and Monetary Policy
SIFMA President and CEO, Kenneth E. Bentsen Jr. delivered testimony at a virtual hearing before the U.S. House of Representatives…
The Asset Management Group (AMG) of SIFMA provides comments to the Commodity Futures Trading Commission (CFTC) on deadlines for major swap participants (MSPs) regulation proposals, RIN: 3038–AC95; 3038–AC96 (SD-MSP Conflicts of Interest); 3038–AC96 (Duties of Swap Dealers and Major Swap Participants); RIN 3038–AC96 (CCO Designation); 3038–AC96 (Reporting, Recordkeeping, and Daily Trading Records Requirements for Swap Dealers and Major Swap Participants); 3038-AD25; 3038-AD06 (Definitions). The CFTC issued the proposals regarding the regulation of MSPs under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).
The AMG offers its expertise and recommendations on defining MSPs and notes it is currently collecting data, estimating future swap activity and calculating exposures under the MSP tests in order to determine whether certain of their clients are likely to be regulated as MSPs. The AMG is concerned because the MSP Proposals are due starting on January 18, 2011 and are in all cases due either before or on the same date as comments for the definitions proposal. The AMG believes it would be difficult to provide meaningfully comment on the MSP proposals prior to having fully analyzed the extent to which clients may be deemed to be MSPs under the tests proposed by the SEC and CFTC and, if clients may be or become MSPs, the application of the MSP proposals to them.
SIFMA President and CEO, Kenneth E. Bentsen Jr. delivered testimony at a virtual hearing before the U.S. House of Representatives…
Court: U.S. Court of Appeals (Eleventh Circuit) Amicus Issue: Whether the court should grant injunctive relief to prevent SROs from…
Court: U.S. Supreme Court (pet. for writ of cert.) Amicus Issue: Whether, under the Consumer Financial Protection Act, the defendants,…