AMG Lunch & Learn on Valuing Securities and Other Financial Instruments -- Save the Date: April 17, 2008

The AMG is overseeing the development of a White Paper that would provide industry-wide guidance for asset management firms regarding the valuation of securities and other financial instruments in the funds and accounts they manage. This initiative is driven, in part, by the recent turmoil in the marketplace from the subprime situation and will focus principally on industry-wide guidelines to assist buy side firms with their own individual policy and procedures. Accordingly, the AMG will host a Lunch & Learn educational event on April 17th that focuses on the principles being put forth in the White Paper. This event is a “must attend” for any asset manager that has valuation or pricing responsibilities or oversight, including traders, compliance officers and operations and accounting professionals. The guidance that is provided within the White Paper is a result of over a dozen interviews with asset management firms on their current valuation practices.

Click here to Register

Educational Event: AMG Lunch & Learn on Valuing Securities and Other Financial Instruments (in cooperation with The Asset Managers Forum)
Date: Thursday, April 17, 2008
Time: 11:45 a.m. to 1:45 p.m.
Location: SIFMA New York Offices, 360 Madison Ave., 17th Floor (entrance on 45th Street), New York, NY 10017
Featured Panelist: Barry Barbash, Esq., Willkie, Farr & Gallagher

Click here to Register

If you have any questions regarding the AMG’s valuation initiative, please contact Joseph Sack, Managing Director at SIFMA, at 212.313.1165.

Standard Fail Report White Paper

After a thorough review process, The Asset Managers Forum released its final Standard Fail Report White Paper on Thursday, February 28, 2008, in New York City. The White Paper recommends the usage of an industry standard fail report and discusses the benefits of using a standard. This fail report template would enable broker/dealers and custodians to embrace an industry standard format and method for reporting fails to their asset manager counterparts. The Asset Managers Forum is confident that in using an industry-developed standard template, all parties to a trade would add efficiency in the fails reporting process. After its review process, the White Paper was revised to address both industry comments and comments from other areas of SIFMA. The AMF would like to recognize and thank Robert Kemp, Senior Associate of Operations at Morgan Stanley Investment Management, for his leadership as Chair of the AMF Fails Management Working Group.

Click here to view the Standard Fail Report White Paper

Click here to view the Standard Fail Report Sample Template

SEC Issues No-Action Letter on Electronic Confirmations

Yesterday, the Securities and Exchange Commission issued Omgeo a No-Action Letter relating to Exchange Rule 10b-10(a). Under this letter, Omgeo’s Broker-Dealer participants can use TradeSuite to satisfy their confirmation delivery obligations to customers under Rule 10b-10(a) where the disclosures customarily on the back of the paper confirmations are provided electronically. When Omgeo implements this service, asset managers can elect to receive only electronic confirmations and avoid receiving paper confirmations. Please review the SEC’s letter for more information.

Click here to view Omgeo’s Request for Relief Pursuant to Rule 10b-10(f).

Overdrafts Guidelines Open for Comment

After extensive work, the AMF Overdraft Working Group is releasing for public comment, "Guidelines Relating to Overdrafts." The AMF is seeking comments on the exposure draft from managers, custodians and other industry participants, which should be submitted to the AMF by April 30, 2008.

Click here to view the AMF's “Guidelines Relating to Overdrafts”

Click here to write and submit your comments to the AMF

Training Class for Asset Managers on Bank Loans: April 7, 2008

The Asset Managers Forum is hosting a training class for asset managers and other financial services professionals on an introduction to bank loans. This class is intended for asset managers and other that are interested in learning about the basics of bank loans.

Click here to register

By the end of the course, the participants will be able to:
" Understand the features and characteristics of bank loans
" Understand how bank loans are created and traded
" Develop an understanding of credit quality and the underwriting decision
" Gain further insight into operational issues of bank loan trades
" Identify the critical functional areas related to the trade and position lifecycle for bank loans, as well as the follow-up required for the payment of interest
" Appreciate the role of Operations in the handling and maintenance of loans
" Examine where risk management and process improvements are needed in the manual processing associated with processing loans

Click here to register.

For addition information on this training class and others, please contact Diane Trupia at 212.313.1170.

Important Publications:
SIFMA Update
Washington Weekly
Weekly Report of the American Securitization Forum
SIFMA SmartBrief (past five issues)