The leadership of AMG is comprised primarily of Chief Operating Officers and other senior executives at asset management firms. The members of the Group meet regularly to advance their advocacy efforts, develop enhancements to market practices, and work with trading partners in order to increase efficiency and reduce risks and costs.
The AMG works closely with its operations oriented affiliate, The Asset Managers Forum (AMF), in its investment operations-focused initiatives.
Asset Management Group Committees
- Asset Management Group Steering Committee
Objective: Direct the prioritization of AMG initiatives. The Committee addresses more general regulatory issues, such as Non-Bank Systemically Important Financial Institutions (SIFI), debt-ceiling implications, and the JOBs Act.
- Asset Management Accounting Committee
Objective: Address emerging issues and exposure drafts from the FASB and IFRS. Representative topics covered include: Consolidation - Agent vs. Principal, Investment Companies, Investment Property Entities, and Revenue Recognition.
Objective: Address issues impacting the fixed-income marketplace, including market structure for the trading of bonds, and issues related to municipal bonds, loan convenants and creditors' rights.
Objective: Work with industry stakeholders and key regulators to ensure Title VII of Dodd-Frank is implemented in a manner that promotes transparency, enhances liquidity, and increases customer protection, without unduly increasing costs. The Derivatives Committee also assists with the development of market structure and tools to help asset managers comply with derivatives rules. Examples of issues addressed by this committee include advocacy for workable Commodity Pool Operator (CPO) rules, less onerous margin requirements, enhanced protections for customer collateral, flexible means for executing swaps transactions on Swap Execution Facilities (SEFs), and defining thresholds for swap market participants, among others. Frequently address, and work with, key regulators on these issues.
- Equity Market Structure Committee
Objective: Formulate industry policy positions on equity market structure-related issues, such as high-frequency trading, liquidity issues, circuit-breaker/“limit-up, limit-down,” and access and liquidity fees.
Objective: Address potential changes to the oversight and regulation of money market funds, from the SEC and FSOC. Further engage the appropriate regulators in any proposed reforms.
Objective: Work with industry stakeholders and key regulators to ensure the development of a robust securitization market. Representative issues addressed by this committee include: tackling the attempted use of Eminent Domain as a solution for municipalities with a significant number of underwater mortgages; assisting the NY Fed-sponsored Treasury Market Practices Group with their Fails Charge and TBA Margining initiatives; addressing housing finance reform (e.g., the FHFA Single Platform Initiative; GSEs; QM/QRM); and minimizing the impact of CPO rules on securitization vehicles.
Objective: Address sweeping tax-related reforms. Recent areas of interest have included Foreign Account Tax Compliance Act (FATCA), the Camp Derivatives Tax Proposals, EU Financial Transaction Tax, and amending, and extending the compliance date for, the report of Financial Bank and Financial Accounts (FBAR).
- Volcker Covered Funds Committee
Objective: Address the regulators’ final Volcker Rule as it applies to funds. Develop industry standards and solutions for compliance with the rules. Assess issues that require further clarity from the regulators and pursue regulatory guidance, as necessary. Assist in the structuring and implementation of any changes necessary to certain impacted investment vehicles.
- Subgroups of the Asset Management Committee
Chief Litigation & Enforcement Officers Working Group
Distribution Working Group
Municipal Advisor Working Group
Systemic Regulation Working Group
Tri-Party Repo Working Group
SIFMA's Dodd-Frank Rulemaking Committees
Asset Managers Forum Committees
Objective: Set direction for the AMF and determine member needs; oversee initiatives, committees and events; educate AMF membership on important industry topics, regulatory changes with operational implications, and industry developments.
Objective: Provide education to the buy-side for key issues, applications, and best practices in the collateral management space. Discuss and find solutions for current challenges for both bi-lateral and cleared transactions; discuss best practices on common buy-side issues; determine critical performance indicators to enable firms to benchmark their performance; and monitor industry changes to evaluate how they impact the buy-side community.
Objective: Mobilize custodians who are dedicated to working alongside asset managers, brokers, and government entities in order to address industry and regulatory challenges. Fosters industry best practices and standards and prepares for operational challenges.
- Derivatives Operations Committee
Objective: Focus on key operational challenges related to swaps and over-the-counter derivatives, including introduction of a central clearing counterparty or swap execution facility. Seeks improvements in derivatives processing and strives to reduce operational risk.
- Operational Risk Committee
Objective: Discuss and recommend best practices for defining, managing, and monitoring operational risk. Explore emerging issues/regulations, and examine tools and techniques which may help with the management of operational risk.
- STP/Trade Processing Committee
Objective: Provide an organizational structure to focus on the wide variety of trade processing challenges that asset managers face. The Committee’s initial focus has been on MBS fail charge processing and reporting. Other important issues include shortening the settlement cycle and requiring a match to settle trades at DTCC. The STP Committee coordinates several working groups, including the Improving STP Working Group; Tri-Party Repo Working Group; and TMPG Working Group.
Objective: Analyze and provide responses to recommendations of the New York Fed Task Force on tri-party repo infrastructure from the asset management industry perspective. Offer guidance for asset managers on operational implementation of these recommendations, and work together with other industry constituents to develop operational solutions. The Committee works in conjunction with the Rates Division’s Government Operations Committee.
- Subgroups of the Asset Management Forum
Derivatives Clearing Standardizations Working Group
Europe T+2 Working Group
GTR Working Group
TMPG Margining Ops Working Group