The Bond Market Association's
The Annual Meeting of The Bond Market Association will be held on Wednesday, April 20, 2005 at the Waldorf-Astoria Hotel in New York City. Key policy makers from the U.S. and Europe, legislators and regulators, international and domestic business leaders and industry professionals will share their views and offer insight into the issues facing the global fixed-income markets today. All participants of the Senior Executives Group are cordially invited to attend.
Click here for more information on The Bond Market Association's Annual Meeting
Click here to register for The Bond Market Association Annual Meeting.
The leadership of the Senior Executives Group is pleased to announce that Daniel J. Fuss (pictured left) of Loomis, Sayles & Company, L.P. will address industry professionals on the outlook of the bond markets during the Asset Manager Session (9:45 a.m. - 10:45 a.m.) of The Bond Market Association's Annual Meeting on April 20, 2005 at the Waldorf-Astoria Hotel in New York City, N.Y. Dan Fuss, who has more than 40 years experience in the investment industry, manages several mutual funds-including the flagship Loomis Sayles Bond Fund and Loomis Sayles Strategic Income Fund-as well as institutional separate accounts.
In addition to his portfolio management responsibilities, Dan serves as Vice Chairman of the Board of Loomis Sayles (since 1976). He also serves as chairman of the firm's Global Investment Committee and Bond Policy Committee. In 1995, Morningstar, Inc. recognized Dan as the mutual fund industry's Fixed Income Manager of the Year.
Additional Featured Speakers Include:
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The Honorable John W. Snow Secretary of the U.S. Treasury |
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The Honorable William H. Donaldson Securities and Exchange Commission |
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George Tenet Director, CIA (1997-2004) |
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Herbert H. McDade III Managing Director Lehman Brothers 2004-2005 Chair, The Bond Market Association |
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Edward Forst Executive Vice President and Chief Administrative Officer Goldman Sachs & Company 2005-2006 Chair, The Bond Market Association |
Nine Asset Management Firms Participate in SAS 70 Website Meeting
During a conference call and web meeting today, SEG Chairman John Gidman of Loomis Sayles and the staff of the SEG presented an overview of the proposed website "sas70standrad.com". Nearly two dozen individuals from nine asset management firms discussed how they could promote SAS 70 standards through a website that the AMF Senior Executives Group is developing. This website would have documents that asset management firms could use as a template for producing SAS 70 reports, which would aid in the industry's effort to move toward a standard SAS 70.
This initiative generally relates to the SEC's April 13th Roundtable on the implementation of internal control reporting provisions. According to an April 7 press release by the Commission, the Roundtable will cover a number of topics, including: (1) first year efforts; (2) reporting to the public; (3) planning and design; (4) documentation and testing of internal control over financial reporting; (5) the use of judgment in communications and conclusions; and (6) next steps. The Commission has engaged a broad range of stakeholders involved with internal control reporting - including investor advocates, representatives of public companies, members of audit committees, auditors, attorneys, and U.S. regulators. The staff of the Senior Executives Group will attend and monitor the meeting and report back on salient discussion items.
Click here to read the SEC April 7 press release and view the extensive panel list
Senate Hearings on GSE Reform
On April 6 and April 7, the U.S. Senate Banking Committee heard testimony on regulatory reform of the Government-Sponsored Enterprises ("GSE"). In his testimony on April 6, Chairman Alan Greenspan of the Federal Reserve Bank discussed the role of housing-related GSEs in the U.S. economy. He explained that while GSEs have contributed to the success of the secondary mortgage markets, there are related systemic risks for the U.S. financial system. Chairman Greenspan outlined a dilemma in designing regulation for GSEs. That is, additional regulation may inadvertently support the inaccurate perception that GSE debt is simply an extension of government debt. Conversely, by not strengthening GSE regulation, the possibility of insolvency increases. Chairman Greenspan stated that the Federal Reserve "believe(s) this dilemma would be resolved by placing limits on the GSEs' portfolio of assets…" This approach could minimize overall systemic risk.
On the day following Chairman Greenspan's testimony, U.S. Treasury Secretary John Snow and Secretary Alphonso Jackson of the U.S. Department of Housing and Urban Development provided their insights into GSE regulatory reform. Secretary Snow described some of the essential elements for creating an enhanced regulatory system for GSEs and Secretary Jackson explained how a change in the GSE regulatory structure could boost confidence by ensuring a secure housing finance system.
Click here to read Chairman Alan Greenspan's testimony
Click here to read Secretary John Snow's testimony
Click here to read Secretary Alphonso Jackson's testimony
This report is pursuant to items that were discussed at the SEG Washington D.C. Conference. At the conference, decision-makers on Capitol Hill explained that GSE regulatory reform was a top priority for the current administration. The SEG agreed to monitor relevant developments in this arena.