AMD Executive Committee Meeting - May 18
Your Chance for a Seat at the Table Concerning the Policies that are Setting the Tone for the Investment Management Business
The Executive Committee of the Asset Managers Division will meet at the New York offices of The Bond Market Association on May 18th, the day prior to the Annual Meeting. During the Executive Committee meeting, the Division will discuss the items that were published in the April 21, 2006 Weekly Report, which include longer-term solutions for derivatives processing, developing guidelines on best execution for fixed-income, pension reform and other intiatives.
If you are a senior executive at an asset management firm and you want to be involved in the above-mentioned activities, the AMD cordially invites you to attend its Executive Committee meeting on May 18th at 1 p.m. Please contact Joseph Sack at 646.637.9265 or at jsack@bondmarkets.com for additional information.
AMD to Review NASD TRACE Proposal
Yesterday, NASD promulgated a Notice to Members which requests comment on publicly disseminating whether a transaction was an inter-dealer or dealer customer transaction and, in dealer-customer transactions, whether the broker/dealer was a buyer or a seller. It is proposed that this information would be publicly disseminated through NASD's Trade Reporting and Compliance Engine ("TRACE").
The AMD Market Practices and Standards Subcommittee received the NASD Notice to members yesterday and will review and discuss the proposal's potential implications. In previous meetings, the Subcommittee generally agreed that the proposal could be detrimental to the businesses of asset management firm insofar as buy side investment strategies might be revealed in certain circumstances under the proposed disclosure. Furthermore, the proposal appears to provide "trade transparency" as opposed to "price transparency."
The Asset Managers Division will work with the Corporate Credit Markets Division on formulating an appropriate response and helpful feedback.
Click here to read NASD's Notice to Members
SEC Roundtable on Internal Control Reporting Requirements
On May 10, 2006, the Securities and Exchange Commission ("SEC") and the Public Company Accounting Oversight Board ("PCAOB") held a Roundtable in Washington D.C. to discuss second-year experiences with the reporting and auditing requirements of the Sarbanes-Oxley Act of 2002 related to companies' internal control over financial reporting. The Roundtable discussion included issuers, auditors, investors and other interested parties.
The SEC and PCAOB have also received written feedback from registrants, auditors, investors and others on their experiences with complying with the Section 404 requirements.
Click here to read comments received by the SEC and PCAOB
TBMA and SIA Conduct RFP Process for IDU
The Bond Market Association and the Securities Industry Association are working with Jordan and Jordan to select a firm that will build an Industry Directory Utility to be used in the event of an avian flu pandemic requiring securities professionals to work from home or other off-site locations. The RFP was sent to ten firms that will have the opportunity to meet with the Associations and others next week on details concerning how the IDU would work. A special Working Group comprised of broker/dealers, asset managers and regulators are overseeing the development process.
For more information, please contact Douglas Taggart at dtaggart@bondmarkets.com.
The Bond Market Association's
Speakers include:
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| The Honorable John W. Snow U.S. Secretary of the Treasury |
Timothy F. Geithner President and Chief Executive Officer, Federal Reserve Bank of New York |
William H. Gross Managing Director, PIMCO |
The Honorable Cynthia A. Glassman Commissioner, U.S. Securities and Exchange Commission |
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| The Honorable Randal K. Quarles Under Secretary for Domestic Finance, U.S. Dept. of the Treasury |
Douglas H. Shulman Vice Chairman, NASD |
Amelia A.J. Bond Senior Vice President, Director of Public Finance, A.G. Edwards Chairman, Municipal Securities Rulemaking Board |
Christopher A. "Kit" Taylor Executive Director Municipal Securities Rulemaking Board |
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| Edward Forst Chief Administrative Officer, Goldman Sachs & Company Chair, The Bond Market Association |
Blythe Masters Chief Financial Officer, J.P. Morgan Investment Bank Vice Chair, The Bond Market Association |
Micah S. Green President & CEO, The Bond Market Association |
The Bond Market Association's |
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Dr. Alan Greenspan |