Here are issues FSI has recently been involved in at the U.S. Securities & Exchange Commission:
FSI has filed an amicus brief in the SEC v. SIPC case on behalf of the independent financial services industry.
On Monday, November 26th, Mary Schapiro announced that she will step down as chairman of the Securities and Exchange Commission after heading the agency for the past four years. The President has designated current SEC commissioner Elisse Walter to become the new Chairman. It is unclear whether the next person nominated to fill the open commissioner seat will be appointed chairman or if Walter will remain in that role through the end of next year.
On November 13, FSI submitted a comment letter to the Securities and Exchange Commission supporting the extension of Rule 206(3)-3T. The rule permits principal transactions by those registered as broker-dealers and investment advisers in non-discretionary advisory accounts provided that certain disclosures and statements are made available to clients.
As part of its broader examination of regulatory requirements for broker-dealers and financial advisors in light of Dodd-Frank, the SEC is considering extending a temporary rule that gives broker-dealers greater flexibility when they act as principals in transactions with certain advisory clients.
SEC Chairman Mary Schapiro announced last evening that she has called off a vote on her money market mutual fund reform proposal previously scheduled for August 29.
August 21, 2012
"The undersigned organizations appreciate the opportunity to submit these comments to the Securities and Exchange Commission (the Commission) as it contemplates further changes to the regulation of money market funds, including requiring these funds to abandon the stable $1.00 net asset value (NAV) in favor of a floating value, or combining significant capital requirements with holdback restrictions on redemptions..."
On April 25, FSI President & CEO Dale Brown sent a letter to House Financial Services Committee Chairman Spencer Bachus (R-AL) and Ranking Member Barney Frank (D-MA) urging them to pass H.R. 4624, a proposal that would require the Securities and Exchange Commission (SEC) to create a self-regulatory organization (SRO) that would oversee examinations on investment advisers.
Congress Provides Guidance to the SEC Regarding Municipal Advisor Regulation Letter Urges SEC to Stick to Congressional Intent On December 19, 2011, 35 members of Congress sent a letter to Chairman Mary Schapiro urging her to scale back the scope
On July 6, Dale Brown, President & CEO of FSI, David Bellaire, General Counsel and Director of Government Affairs for FSI, and Neal Sullivan, Outside Policy Council to FSI, met with Eileen Rominger, Director of the SEC’s Division of Investment Management, and Bob Plaze, Deputy Director of the SEC’s Division of Investment Management.
On April 29, FSI submitted a comment letter to the SEC on its proposed rule that would establish a permanent registration regime for municipal advisers pursuant to Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
David Bellaire, Esq.Executive Vice President & General Counsel 770 980-8488email David