Stay up-to-date with issues and activities impacting asset managers.

AMG News
View press releases and more from SIFMA's Asset Management Group (AMG).

AMG Activity
View comment letters and more filed by SIFMA's Asset Management Group (AMG).


Asset Management Update
Coverage of developments in the investment industry that relate to the advocacy agenda of SIFMA's Asset Management Group.  These developments include legislative and regulatory proposals, implementation initiatives and operations activities.


SIFMA AMG Resolution Stay/BRRD Client Communication
SIFMA's Asset Management Group (AMG) has prepared the following document to aid asset managers seeking to educate their clients on recent regulatory changes relating to resolution stay and bail-in that impact derivatives among other qualified financial contracts. The document provides a high-level summary of the regulatory developments and the expected documentation changes.


SIFMA AMG Institutional Exception Model Letter
SIFMA's Asset Management Group (AMG) has prepared the following letter to aid asset managers seeking to comply with the exception provided for transactions with independent fiduciaries with financial expertise. The letter seeks confirmation that the manufacturer is not acting as an ERISA fiduciary, not providing advice to specific clients/categories of clients and that the counterparty meets the requirements of the institutional exception.


EMIR Margin Rules: Reporting of Exceptions Letter

SIFMA's Asset Management Group (SIFMA AMG) and the Alternative Investment Management Association (AIMA) have prepared the following client outreach letter to assist asset managers helping their clients comply with margin requirements in Europe pursuant to the European Market Infrastructure Regulation (Regulation (EU) 648/2012) (EMIR). See cover note for further background.


AMG Swaps

SIFMA AMG Information Statement in accordance with Article 15 of the Securities Financing Transaction Regulation

SIFMA's Asset Management Group (SIFMA AMG) has prepared an information statement to address Article 15 of the EU's Securities Financing Transaction Regulation (SFTR). Article 15 requires that, for arrangements involving the right of reuse of collateral or a title transfer collateral arrangements, the counterparty has been duly informed in writing by the receiving counterparty of "the risks and consequences that may arise in the event of the default of the receiving counterparty." (See link to regulation). 

SIFMA AMG Derivatives Trading Package 

SIFMA's Asset Management Group (SIFMA AMG) has prepared a template client document that asset management firms can use to comply with new informational and disclosure obligations required to onboard clients for derivatives transactions. The "Derivatives Package" for use with clients includes a cover letter, a Derivatives Trading Client Questionnaire, a Derivatives Authorization, and a list of regulatory definitions used in the documents. Client completion and signing of the Derivatives Package provides asset managers with authority to set up an account for trading on the client's behalf, to make required representations, and to adhere to the relevant industry Protocols without disruption of the management of the client's account.  

SIFMA AMG EMIR Classification Guide

SIFMA's Asset Management Group (AMG) prepared the following client classification outreach letter in order to assist asset managers helping their clients navigate clearing requirements in Europe pursuant to the European Market Infrastructure Regulation (EMIR). 

Market Agreed Coupon (MAC) Contract 

SIFMA’s Asset Management Group (AMG), working in collaboration with the International Swaps and Derivatives Association (ISDA), has helped to develop a new interest rate swap (IRS) contract structure with pre-defined, market-agreed terms. These Market Agreed Coupon (MAC) contracts should promote liquidity and enhance transparency in IRS trading. The MAC Contract is voluntary and is meant to compliment bespoke IRS and deliverable interest rate futures.

The establishment of CUSIP numbers, a standardized method for identifying MAC contracts, will also serve to facilitate trading and transparency in the IRS marketplace. 

MAC Coupons and CUSIPs

The latest set of MAC coupons has been recommended by SIFMA AMG’s MAC Sub-Committee. The coupons are set close to par, based on the three- or six-month forward curve, and rounded to the nearest 25 basis point increment.  Any changes to these coupons or future coupons will be published periodically in accordance with the MAC Term Sheet.  Please refer to the "MAC Term Sheet" for important information regarding these coupon rates. For any MAC related questions, contact: Elisa Nuottajarvi. 

Current MAC Coupons and CUSIPs

  • MAC Coupons and Cusips – March 2018 (xls) or (csv) (effective as of 06.19.2017)
  • MAC Coupons and Cusips – December 2017 (xls) or (csv) (Effective as of 03.20.2017) 
  • MAC Coupons and Cusips – June 2017 (xls) or (csv) (Effective as of 03.06.2017) Due to market moves of 100 bps or more, SIFMA AMG recommends NEW coupons for five of the June 2017 MAC contracts.
  • MAC Coupons and Cusips – September 2017 (xls) or (csv)   (Effective as of 12.13.2016)
  • MAC Coupons and Cusips – June 2017 (xls)  (Effective as of 09.14.2016) 
  • MAC Coupons and Cusips – March 2017 (xls) (Effective as of 06.15.2016)  

 View all SIFMA swaps data in the Standard Forms & Documentation library. 

Future of Operations Survey Results
April 2016
A working group of the SIFMA AMG Operations Executive Committee has been discussing future of operations and the forces that are pressuring operational change, including trends in the investment management world, internal and external cost pressures, technology, regulatory demands, client demands, and potential game changes in financial technology. This survey was developed to poll AMG members' thoughts and opinions regarding the future or operations, and to contribute to the ongoing discussion. The survey received 45 total responses mostly from traditional asset management firms, and shares interesting insights regarding the pace of change, new opportunities being afforded to operations, and the processes that are most in need of change.

Operational Risk White Paper
When implementing an Operational Risk Management (ORM) program, complexity, firm size and resources may vary, but the underlying concept remains the same: for a firm to succeed in today's environment, priority should be given to operational practices that not only reduce risk, vulnerabilities and loss, but also connect processes, systems and people.

SIFMA's Asset Managers Forum (AMF) Operational Risk Committee and Broadridge jointly address this topic in a white paper titled "Operational Risk: Tailoring the right model for asset management firms". Through this white paper, we share insights to help you customize the right program for your firm, and explore efficient and effective ways smaller and mid-sized asset management firms can develop the most critical aspects of an operational risk framework.

WEBINAR: Third Party Risk Management
SIFMA's Asset Managers Forum Operational Risk Committee has been focused on vendor risk management since its inception, discussing vendor risk management strategies generally, and sharing response strategies on risk incidents.  The current regulatory and business environments create a further impetus for asset management firms to examine their third party management strategies. Vendor management and vendor risk management have become buzz words and are in keen regulatory focus due to recent service provider incidents. This webinar, presented by speakers from Grant Thornton, will discuss third party risk management model and framework, and embedding third party risk management to your operational process. The webinar will also discuss Service Organization Controls (SOC) reporting; report types, controls included, and what to look for when reviewing SOC reports.

The webinar is available on-demand at no charge.
Watch the Recorded Webinar

Webinar: The Case For Position Identifiers – A Standard For Consistency For Cleared Derivatives   
The webinar is available on-demand at no charge.
Watch the Recorded Webinar:
Register for immediate access

Project Management White Paper
With the new regulatory requirements and increasing business complexity, the amount of change currently taking place in the financial industry is unprecedented. Project management skills have become a requirement in asset management operations, whether for implementing a regulatory requirement, taking on a new product, on-boarding a new client, or improving operational efficiencies while reducing risks. But many firms are taking the project management concept a step further, as they have realized that asset management firms can benefit more by creating a framework for a project management center of excellence (PMCoE). The Asset Managers Forum Project Management Working Group joined forces with Broadridge, to discuss this concept in a white paper titled "Managing Change in Asset Management". Through this white paper we share insights to the drivers of change, the project management discipline itself, the maturity levels of project management, and real life case studies for the PMCoE.

Asset Manager's Guide to SOC 1
SOC 1 reports are typically requested by the customers of asset managers, such as pension funds and mutual funds. Asset Management firms issue the reports to demonstrate that sound internal controls and safeguards are in place, particularly around areas of operations and technology, and describes the responsibilities for the asset manager and auditor. These baseline areas were developed to improve the quality and consistency of reporting for the industry. Grant Thornton and SIFMA AMG have provided this information as a guide on baseline control objectives. It is not intended as a substitute for the guidelines defined in the AICPA's attestation standards and reporting guides.

The updated Asset Manager’s Guide to SOC 1 reports discusses the AICPA changes to the SSAE 18 and the resulting changes to the SOC 1 reports.

Daily Reports - 2010 Activity Highlights 
View archived descriptions of key events impacting our industry in 2010.

 Financial Crisis Resources 
Learn about resources established in response to the Financial Crisis of 2008 and updates related to the situation.  


*SIFMA does not endorse or provide any warranty for the services provided by these vendors. SIFMA is not affiliated with these vendors. SIFMA does not receive any remuneration from these vendors for inclusion in this matrix. SIFMA does not guarantee the accuracy of the information contained herein and shall not be liable for any errors or omissions. Firms should conduct independent due diligence prior to engaging the services of any of these vendors, and should not rely on the information contained herein.


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Lindsey Keljo

Elisa Nuottajarvi



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