In this Weekly Report of the Asset Managers Division, read about four important news items from The Bond Market Association and the Securities Industry Association.
TBMA/SIA Agree to Merge, AMD Support is Unanimous
On June 28th, the boards of directors of the Securities Industry Association and the Bond Market Association voted to merge the two organizations, creating the Securities Industry and Financial Markets Association, or SIFMA. The merger is subject to a vote of approval by member firms by the end of July. Prior to the decision by the boards, the Executive Committee of the Asset Managers Division met and unanimously agreed to support the merger. Within the new organization, an Asset Management Group will be included as one of three major components in addition to a Capital Markets Group and Private Client Group.
The AMD would like to thank John Gidman of Loomis Sayles (AMD Chair) and David Murphy of Fidelity Investments (AMD Vice Chair) for their overall leadership and guidance in this matter.
Click here to read additional information on the TBMA and SIA merger.
For additional questions, please contact Joseph W. Sack of The Bond Market Association at 646.637.9265.
TBMA/SIA Testifies on Pandemic Preparedness at Congressional Hearing
Appearing on behalf of The Bond Market Association and the SIA on June 29th, Gregory Ferris, Managing Director of Global Business Continuity Planning at Morgan Stanley, told members of the House Financial Services Subcommittee on Oversight and Investigation that securities firms and banks are committed to business continuity planning and are taking steps to ensure the financial markets remain open in the event of a pandemic outbreak. Three days prior to Mr. Ferris' testimony, TBMA and SIA sponsored a joint Tabletop Exercise on industry preparedness (see article below).
NASD Considers Regulatory Relief in Response to a Possible Pandemic
On June 28th, the NASD announced that it is soliciting comment from members and other interested persons regarding what specific, short-term regulatory relief may be appropriate and consistent with NASD's mission, and what specific conditions may warrant such relief in the event of a global pandemic or similar disaster. BCP industry leaders from TBMA and SIA will formulate an appropriate response based on discussions from the June 26th Tabletop Exercise and future follow-up meetings.
TBMA/SIA Tabletop Exercise on Avian Flu
The Bond Market Association and the SIA sponsored an avian flu Tabletop Exercise to increase awareness of the major broker-dealers in preparing for an avian flu pandemic on June 26, 2006. The exercise (see photographs below) was not arranged as a test, but as a discussion forum in which over 100 individuals representing 14 major firms participated to discuss strategies, policies and practices relating to pandemic preparedness. Regulators, utilities and exchanges attended the Exercise as observers.
The exercise was a productive first step toward enhanced preparedness relating to avian flu. The industry has learned how to handle individual crises and discussed the potential need for certain types of regulatory relief. The Associations are planning future exercises to focus on customers to ensure that they have access to their assets during the pandemic.
