"This proposal needs a thorough review as it has the potential to cause a detrimental impact on all American savers and the retirement system as a whole," said SIFMA President and CEO Kenneth E. Bentsen, Jr.
SIFMA and SIFMA AMG recognize the Financial Stability Oversight Council (FSOC) for enhancing transparency in its process for designating non-bank SIFIs through an improved set of engagement metrics.
The financial industry expressed its strong support for a TLAC requirement to help ensure G-SIBs can be resolved in an orderly manner without taxpayer assistance. Empirical analysis shows the FSB's TLAC calibration is higher than needed.
We support increased bond market price transparency for investors, but urge greater access to and usage of existing data on FINRA and MSRB systems rather than the proposed match trade disclosure on traditional paper confirmations.
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