Emerging Policy Issue Call-in on Credit Rating Agency Reform
On May 2, 2007, the AMG Emerging Policy Issues Subcommittee will host an industry-wide call-in on credit rating agency reform. Earlier this year, the SEC issued a rule proposal to implement the provisions of the Credit Rating Agency Reform Act. On March 12, 2007, SIFMA submitted a comment letter to the SEC regarding the Commission's proposed rules. In its letter, SIFMA supports the Commission proposal, but asks for clarification and alteration on the section that relates to structured products and "notching" practices. The May 2nd Call-in will discuss some of the issues raised and the implications of the SEC's proposed rule on the asset management business.
Moderator: Dan Stachel, State Street Global Advisors (Chair of AMG Emerging Issues Subcommittee)
Co-Moderator: Joseph Sack, SIFMA (Staff Advisor to AMG)
Panelists: Richard Cantor, Moody's Investor Services
(Other panelists TBA)
Date: Wednesday, May 2, 2007
Time: 1 p.m. - 2 p.m. EDT (please dial-in 5 minutes early)
Call-in: (Please contact Bianca Constance at bconstance@sifma.org to register and for call-in details.)
Click here to read SIFMA Comment Letter on Credit Rating Agency Reform
Click here to read SEC Rule Proposal
SEC Chairman Cox Addresses 12b-1 Fees and Soft Dollars
In an address before the Mutual Fund Directors Forum on April 13, 2007, SEC Chairman Christopher Cox discussed the transformation of the 12b-1 fee from a distribution subsidy to a substitute for front-end loads and fees that pay for administrative expenses. With this change in paradigm, the Chairman stated that the SEC is committed to re-evaluating 12b-1 fees.
Furthermore, Chairman Cox explained that the SEC will be focused on ensuring that the use of soft dollars is appropriately disclosed. The Commission will continue to examine the "potentially distortive effects that soft dollars can have on what should be the normal market incentive to seek best execution."
Click here to read speech by SEC Chairman on 12b-1 Fees and soft dollars.
The Asset Management Group and the Investment Adviser Committee will address soft dollars and best execution (among other topics) in a Roundtable event to be held in Boston, MA on May 3-4, 2007.
Click here to read more information and to register for the Roundtable.
Foundations Benefit
Foundations Benefit for the Bond Market Foundation and
the SIA Foundation for Investor Education
Tuesday, May 8, 2007
Reception 6:00 p.m. • Dinner 7:00 p.m.
Marriott Marquis Hotel
Broadway Ballroom, 6th Floor
45th and Broadway, New York, New York
The Securities Industry and Financial Markets Association (SIFMA) invites you to join the industry on May 8th in supporting the work of our legacy foundations (The Foundation for Investor Education and The Bond Market Foundation). The evening's honoree will be Chris Gardner, CEO of Gardner Rich —a Chicago-based broker-dealer and a member of SIFMA— whose inspirational story is the basis for the film The Pursuit of Happyness. Chris, a passionate advocate for the power of learning, embodies the goals of the Foundations through his commitment to kids and education, his help to those who are economically disadvantaged, and his success in the industry.
Proceeds raised through the Tribute Dinner will benefit the Foundations' award-winning programs that assist practically anyone, anywhere who wants to learn about the financial markets, and how to plan for their financial futures. Our Foundations give millions of people hope for a better life and the tools to achieve it.
Click here for more information and to register
I invite and encourage you to join the industry in supporting these Foundations and their work. Please reserve your table today.
Best wishes and many thanks for your support.
Marc E. Lackritz
President & CEO
Securities Industry and Financial Markets Association