Pennsylvania + Wall



 

Pennsylvania + Wall provides commentary on a broad range of current financial, economic and regulatory reform topics. The views expressed are those of the authors, and do not necessarily reflect the position of SIFMA.

July 21, 2015

ICYMI: Ken Bentsen Discusses DOL Proposal Flaws on BloombergTV

By: Kenneth E. Bentsen, Jr.

Ken BentsenKenneth E. Bentsen, Jr., president and CEO of SIFMA, joined BloombergTV's Market Makers to discuss SIFMA's comments on the Department of Labor's proposed retirement regulation. The following are key excerpts from the interview, "Why 'Best Interest' Standard May Not Be the Best for All" and ""Why SIFMA Opposes Labor Dept. 'Best Interest' Rule."

Yesterday, SIFMA submitted comments to the Department of Labor (DOL) in response to its proposed retirement regulation, stressing concerns that the proposed rule will harm investors by limiting access to financial guidance, reducing choice and ultimately raising the cost of saving for retirement. I joined Stephanie Ruhle and Erik Schatzker on BloombergTV to discuss three key points:.... Read more...

July 13, 2015

The Hill: The Department of Labor best-interest proposal isn’t about best interest

By: Kenneth E. Bentsen, Jr.

DOL, Fiduciary, ERISA, RetirementMuch of the discussion around the Department of Labor’s recently proposed retirement regulation focuses on the question of a “best interest standard” for financial advisors providing guidance to IRA holders and employees who participate in 401k plans. But that’s not what the debate is really about.

The financial services industry has long advocated for such a best interest standard when providing personalized investment advice. Congress in the Dodd-Frank Act, with the industry’s support, authorized the Securities and Exchange Commission (SEC) to develop such a standard. And FINRA, the congressional mandated self-regulatory organization that along with the SEC and the states regulates broker-dealers, has increasingly imposed such a standard through its rulemaking, guidance, examinations and arbitration policies.

In fact, the debate is not even about the language the DOL uses to define a best interest standard in its proposal. That in and of itself is something the industry and other regulators agree upon.

Rather, the debate is about the next several hundreds of pages of conditions and prescriptions the DOL proposes in addition to the best interest standard. These provisions both explicitly and implicitly limit the types of investments individuals may choose with their own money..... Read more...

July 01, 2015

The US Private Label Mortgage-Backed Securities Market in 2015

By Christopher B. Killian and Joseph Cox

LEI - Financial Data This article originally appeared in The Securitisation & Structured Finance Handbook 2015/16.

The restoration of private-sector securitization – non-government guaranteed securities – is a necessary component of the broader reinvigoration of the housing system in the United States. Why has the market for Private-Label Mortgage-Backed Securities (PLS) remained largely stagnant while others have gained momentum since the financial crisis?.... Read more...

July 01, 2015

A Wall Street Experience: 2015 InvestWrite Winners Visit New York City

By Melanie Mortimer

On June 10, the SIFMA Foundation brought four middle-school and high-school students and their teachers to New York City for a Wall Street Experience.

The students earned their way to New York’s Financial District by winning national titles in the SIFMA Foundation’s fall and spring InvestWrite competitions. InvestWrite is a national essay competition that challenges students to analyze investment scenarios and turn out the best recommendations for long-term portfolio allocations.

Wowing the panel of judges—composed of thousands of teachers and industry professionals—with their advanced insight into the working of the capital markets and long-term investing strategies, the four were chosen from among 20,000 students who participated in InvestWrite this year. .... Read more...

May 27, 2015

Wealth Management: Why Banning Mandatory Securities Arbitration Would be a Mistake

By Kevin Carroll

Kevin Caroll

The following Op Ed was originally published in WealthManagement.com on May 27, 2015.

Arbitration in the securities industry – between broker-dealers and their customers – wasn’t always mandatory.

In 1972, the predecessor to FINRA created a rule that compelled broker-dealers to arbitrate if demanded by the customer. That rule continues today as FINRA Rule 12200.

The rule is based on the belief – true then and still true over four decades later – that many customers will want to arbitrate and will benefit from arbitration..... Read more...

May 26, 2015

The New York Times: Fighting Cyberattacks - A Financial Industry View

By: Kenneth E. Bentsen, Jr.

LEI EventTo the Editor:

Re “Shortcomings of Cybersecurity Bills” (editorial, May 14):

The “shortcomings” referred to in this editorial are in fact critically important legislative fixes that will empower businesses and government agencies with the best information to protect consumers and stay ahead of the rapidly evolving and increasingly malicious nature of cyberattacks.

Businesses and government need the ability to learn from each other regarding the nature and location of cyberattacks. This sharing of information will enable the public and private sectors to continually improve network security and protect Americans’ information from cybercriminals..... Read more...

April 08, 2015

Sneak Peek: OPS 2015 Kicks Off Monday in San Diego!

By Tom Price

OPs 2015 Sneak PeekFor 42 years, SIFMA's Annual Operations Conference & Exhibition has gathered broker-dealers and asset managers to discuss the evolution of operations and regulation in the industry.

As over 800 industry professionals convene in San Diego next week, a multitude of reforms and initiatives are either in progress, under review, or pending approval of a new rule. OPS 2015 will provide valuable information on what to expect in the year ahead, and the tools that are available to firms to prepare for the changing operational landscape and to manage operational risk.

This is a content-driven event with a packed program. I'll be hosting an in-depth breakout session on how the Consolidated Audit Trail (CAT) is fundamentally changing reporting requirements. Here's a sneak peek from my colleagues at SIFMA on some of the other topics that will be on the table for discussion:.... Read more...

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