Panelists Announced for Valuations Event on April 17
The Asset Management Group is pleased to announce that the following individuals will address valuation-related issues at a Lunch and Learn Event on April 17, 2008. The speakers listed below will discuss trends in the industry, including anticipated regulatory pronouncements, and how the AMG's proposed White Paper on Valuations might be helpful to the further development of industry-wide guidelines.
Cynthia Meyn, Managing Director, Operations, Morgan Stanley Investment Management (introductory remarks)
Barry Barbash, Esq., Partner, Willkie, Farr & Gallagher (panelist)
Cheryl Clifton, Vice President, FPCMS Pricing, Fidelity Investments (panelist)
Douglas Scheidt, Associate Director and Chief Counsel, Division of Investment Management, U. S. Securities and Exchange Commission (panelist)
Joseph Sack, Managing Director, Asset Management Group, SIFMA (event moderator)
Additional Panelists to be Announced
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
This important Lunch & Learn is designed for asset managers, custodians, vendors and other interested parties, who whish to discuss the essential elements of valuation guidelines, including:
-- an asset management firm's suggested policies and procedures,
-- the functioning of a valuation committee,
-- how to apply valuations of particular instruments consistently and uniformly across the firm's client portfolios
-- the process of testing and reviewing vendor pricing services
-- evaluating input received from brokers and other sources
The guidelines are designed to further the goal of achieving accurate valuations for the instruments held in client portfolios. The guidelines being discussed by the AMG are principle-based and are intended to be instructive to individual asset management firms in light of their own individual circumstances in seeking to achieve a comprehensive valuation framework.
Please contact Douglas Taggart, Manager at SIFMA if you have any questions regarding this event at dtaggart@sifma.org or at 212.313.1173.
CLE Credit
SIFMA has been certified by the New York State Continuing Legal Education Board as an Accredited Provider of continuing legal education in the state of New York. Parts of this program have been approved for CLE credits.
Credit Corner:
A New Special Section of the Weekly Report on News and Policy Developments relating to Today's Markets and What Every Asset Manager Should Know.
Senate Passes the Foreclosure Prevention Act of 2008
Today, the Senate passed legislation which provides tax breaks and funding (through mortgage revenue bonds) to help mitigate the housing crisis.
Click here to read a detailed summary of the legislation
White House Letter on Housing Legislation
On April 9, 2008 the Administration submitted a letter to House Speaker Nancy Pelosi in support of some of Congress' legislative proposals (i.e. FHA modernization and mortgage revenue bonds) and stated opposition to other aspects of congressional proposals (i.e. tax credits for the purchase of foreclosed homes).
Click here to read the White House letter on Housing Legislation
Senate Hears Testimony on the U.S. Credit Markets
Yesterday, members of the Senate Banking Committee heard testimony from several panelists on the turmoil in the U.S. Credit Markets. Witnesses discussed proposals to mitigate foreclosures and restore liquidity to the mortgage markets. The hearing provided Senate Banking Committee members with the opportunity to examine various proposals aimed at resolving problems facing homeowners and financial institutions.
Click here to read testimonies
Next week, the Senate will hold two additional hearings on the situation in the U.S. Credit Markets.
House Financial Services Committee on the Credit Markets
As the House Financial Services moves toward passing housing legislation, two of its subcommittees will hold hearings on the subject. On April 15, 2008, the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises will hold a hearing entitled, "H.R. 5579, the Emergency Mortgage Loan Modification Act of 2008." This bill aims to clarify the responsibilities of and provide a safe harbor from legal liability for mortgage servicers who help troubled borrowers remain in their homes by engaging in loan modifications and workouts according to specific criteria. On April 16, 2008, the Subcommittee on Housing and Community Opportunity will hold a hearing entitled, "H.R. 5679, The Foreclosure Prevention and Sound Mortgage Servicing Act of 2008."
Important Publications:
SIFMA SmartBrief (past five issues)
SIFMA Regulatory Update
SIFMA Washington Weekly