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Trade groups spend millions to influence Capitol Hill agenda
Groups representing financial advisers and all facets of the financial services industry spent big bucks lobbying Congress during the second quarter, according to recent filings with the House of Representatives' Office of the Clerk.
SIFMA: Surprise audits estimated to cost $200K
A proposal by the Securities and Exchange Commission that would require advisory firms holding custody of client assets to be audited by accountants inspected by the Public Company Accounting Oversight Board would cost each firm an average of $200,000, according to one new estimate.
Adviser groups to SEC’s Investor Advisory Committee: Don’t impose a definition on concept of ‘fiduciary duty’
Four groups that represent investment and financial advisers complained in a letter about the possibility that the Securities and Exchange Commission's Investor Advisory Committee may attempt to define the term “fiduciary duty.”
SIFMA hires former Rep. Kenneth Bentsen to head its Washington office
The Securities Industry and Financial Markets Association today announced it hired former Rep. Kenneth Bentsen, D-Texas, as executive vice president for public policy and advocacy, and as head of its Washington office.
SIFMA backs fiduciary standard for all advisers, exec testifies before House committee
Wall Street's major trade group has declared its support for a new federal fiduciary standard for broker-dealers and investment advisers who provide personalized investment advice.
Advisers, investors call for reinstating uptick rule
Highlighting investor concern about the market effects of short selling, more than 3,000 comments have been filed with the Securities and Exchange Commission on proposed changes to the short-sale rule.
Plan on fiduciary standard wins praise
Investment advisers and consumer advocates have applauded President Obama's proposal to establish a fiduciary duty for broker-dealers offering investment advice.
SIFMA’s Ryan issues mea culpa for members’ part in meltdown
“While not every financial firm or employee contributed to the crisis, it is clear that too many acted improperly and some products were pushed to a level of unsustainable complexity,” Tim Ryan wrote in a Financial Times editorial.
Brokerage industry is up in arms about Obama plan to get rid of offshore tax breaks
The brokerage industry is angry about President Obama's efforts to eliminate certain tax breaks for U.S. corporations that do business -offshore.
SIFMA decrees fewer early market closings
The Securities Industry and Financial Markets Association will cut back its recommended number of early market closings from 12 to five days each year, according to a company statement.
SIFMA: Replace ‘fiduciary duty’ with ‘universal standard of care’
Terms such as “fiduciary duty” and “suitability” contribute to investor confusion, and they should be replaced by a “universal standard of care” for brokers, says SIFMA.
SIFMA backs Obama’s trade rep pick
The Securities Industry and Financial Markets Association is upbeat about President-elect Barack Obama’s nomination of Ron Kirk for U.S. trade representative.
SIFMA, ‘restructuring,’ to lay off employees
The Securities Industry and Financial Markets Association is laying off a sizeable number of employees.
Pitt calls for private-sector task force
In the wake of the financial crisis, a new regulatory structure is needed to improve regulatory standards, said Harvey Pitt, a former chairman of the Securities and Exchange Commission.
SIFMA rallies troops to boost bailout plan
The Securities Industry and Financial Markets Association of New York and Washington is rallying firms and their employees to urge members of Congress to support the Emergency Economic Stabilization Act of 2008.
SIFMA urged passage of failed bailout bill
The Securities Industry and Financial Markets Association has called on its members to contact their local congressmen and urge a yes vote on the Department of the Treasury’s $700 billion bailout package, calling the legislation “vital to our industry.”
SIFMA names leaders of steering group
Richard Weil, COO of Newport Beach, Calif.-based Pimco was elected chairman of the asset management group.
SIFMA: Raise bar on settlement reporting
SIFMA wants Finra to raise the threshold for reporting settlements with customers to $25,000, from $10,000.
Groups merge to create SIFMA Foundation
Three organizations are banding together to form the SIFMA Foundation for Investor Education.
Tax on ETNs would be unfair, says Sifma
Pay tax on such financial products, even though no payoff from such investments is assured, would unfairly limit trade of the financial products, according to the group.
