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. (View the SIFMA AMG Member Directory)
The AMG works closely with its operations oriented affiliate, The Asset Managers Forum (AMF), in its investment operations-focused initiatives.
Asset Management Group Committees
Steering Committee (General Regulatory and Market Oversight Committee)
Objective: Direct the prioritization of AMG initiatives. Address more general regulatory issues, such as Non-bank Systemically Important Financial Institutions (SIFI), cybersecurity and the JOBs Act.
Bond and Loan Committee
Objective: Address issues impacting the fixed-income marketplace, including market structure for the trading of bonds, bond and loan liquidity and issues related to municipal bonds, bank loans and creditors’ rights.
Objective: Work with industry stakeholders and key regulators to ensure that global derivatives rules are 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, flexible means for executing swaps transactions on Swap Execution Facilities (SEFs), less onerous margin requirements, cross-border harmonization of derivatives rules, ensuring customer collateral protection and justifiable position limits requirements, 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 tick sizes, high-frequency trading, dark pools, transparency and disclosure, SIPs, circuit-breaker/“limit-up, limit-down” and access and liquidity fees.
Money Market Committee
Objective: Assist with the implementation of money market fund reforms, from a legal, compliance and operational perspective.
Securities Financing Transactions (SFT) Committee
Objective: Address proposed domestic and global regulatory and market changes to repo and sec lending markets (and other securities financing transactions), including haircuts/margin requirements, data templates and reporting and other market reforms to improve disclosure and mitigate risk.
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; 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), derivatives tax proposals, tax treatment of derivatives transactions, 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 and extensions, as necessary. Assist in the structuring and implementation of any changes necessary to certain impacted investment vehicles, such as tender option bonds (TOBs) and collateralized loan obligations (CLOs).
Subgroups of the Asset Management Group
Chief Litigation & Enforcement Officers Working Group
CPO/CTA Working Group
Cross-Border Working Group
Distribution Working Group
EIRSA Eligible Investments Working Group
EMIR Working Group
Municipal Advisor Working Group
Russian Sanctions Working Group
Securities Lending Working Group
SDR Reporting Working Group
Stay of Termination Rights Working Group
Systemic Regulation Working Group
Trade Execution Working Group
Tri-Party Repo Working Group
Asset Managers Forum Committees
AMF Steering Committee
Objective: Set direction for the AMF and determine member needs; oversee initiatives, committees and events; and 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 processes related to electronic execution and central clearing of derivatives. 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 that 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 recent focus has been the migration to shorter settlement cycle in the EU, and the impacts on asset managers in the U.S.
Subgroups of the Asset Managers Forum
Derivatives Clearing Standardizations Working Group
Tri-Party Repo Working Group