AMF Quarterly Meeting & Swaps Workshop

The Asset Managers Forum will hold its fall Quarterly Meeting on Wednesday and Thursday, October 27 and 28, 2004. On October 27, the AMF will host a full day conference concerning the status of the Forum's Swaps Best Practices Initiative. This conference will entail a series of presentations from the leadership of the following AMF Swaps Subcommittees that are developing best practices: Compliance; Confirm/Legal; Maintenance; Trade Execution; and Valuation.

On October 28, the Forum will conduct a business meeting for professionals affiliated with member organizations. This full day session will feature meetings of the various standing committees of the Forum, including those relating to Accounting Policy, Pricing and STP. Furthermore, at the business meeting, the AMF membership will vote on the proposed new 2005 slate of Steering Committee members. More details regarding the Steering Committee nominees as well as registration information and the agenda items for the October 27 Swaps Conference and the October 28 Committee meetings will be forthcoming.

For further information, please contact Toni Mollo or Joseph Sack of the staff of the AMF at 646-637-9200. Also, for an update concerning the advocacy activities of The Asset Managers Forum, please visit our web site at www.theassetmanager.com. Questions regarding the AMF Swaps Initiative may be addressed to staff members Douglas Taggart or Elisa Nuottajarvi at 646-637-9200.

Attention Dealers: Consider Joining Swaps Best Practices Initiative

In order to achieve a comprehensive set of best practices documentation for the AMF Swaps Initiative, the asset management community is reaching out to broker/dealers and custodians to participate in an effort which is being implemented by nearly 100 buyside professionals. The AMF has engaged both The Bond Market Association and ISDA to participate in this industry-wide project. If you are a broker/dealer or custodian and are interested in seeking possible solutions to operational challenges in the derivatives market (including Interest Rate and Credit Default Swaps), then contact Douglas Taggart or Elisa Nuottajarvi of The Asset Managers Forum to learn more about the AMF Swaps Best Practices Initiative and how you can participate along with asset managers in this project. George Hall of Goldman Sachs Asset Management and Linda Singer of BlackRock are Co-Chairs of the AMF Swaps Committee.

FASB to Defer Application of Certain Provisions of EITF 03-1

At a FASB Board meeting on September 8, 2004, the FASB staff asked the Board to consider several implementation issues associated with interest rate impaired debt securities evaluated for impairments under EITF Issue No. 03-1. In considering the implementation issues, FASB decided to defer the application of certain provisions of EITF 03-1 until further guidance is issued. The Asset Managers Forum and The Bond Market Association submitted a joint comment letter last week to FASB and EITF supporting deferral of EITF 03-1. In the letter, the AMF and TBMA recommend an alternative approach for determining when an impairment has occurred. The AMF and TBMA Accounting Policy Committees will review FASB's additional guidance on EITF when released and will comment, if appropriate.

If you have any questions, please contact George Miller of The Bond Market Association or Joseph Sack or Douglas Taggart of The Asset Managers Forum.

Click here to read the AMF/TBMA Comment Letter on EITF 03-1

NOTE: This Weekly Report on Proposed Reforms Affecting Asset Managers is a service of the Technology, Operations and Asset Manager Relations Department of The Bond Market Association. We encourage your input as this communication is designed to promote dialogue among members of the Forum and the Association. Please feel free to contact Joseph Sack, Executive Director of the COO Group of The Asset Managers Forum or Douglas Taggart or Elisa Nuottajarvi of the staff of The Bond Market Association.