Release Date: October 22, 2009
Contact: Andrew DeSouza, (202) 962-7390, email@example.com
SIFMA's Ryan Statement on Federal Reserve Proposed Rules for Compensation
Washington, DC, October 22, 2009-The Securities Industry and Financial Markets Association (SIFMA) today released a statement from President and CEO Timothy Ryan in response to the Federal Reserve Board's proposals to regulate compensation policies at the financial institutions they oversee.
"These proposed rules will likely affect compensation for hundreds if not thousands of professionals working in our industry. We appreciate the Federal Reserve addressing the regulation of compensation policies through a standard rulemaking process, allowing market participants and interested parties to provide substantive comments to their proposal.
"Ensuring pay is tied to sufficient risk management, long-term performance and shareholder interests are goals we share, and are reflected in the industry's Guidelines for Compensation that we released this summer. We look forward to working with the Federal Reserve as this regulatory process moves forward."
The Securities Industry and Financial Markets Association brings together the shared interests of more than 550 securities firms, banks and asset managers. SIFMA's mission is to promote policies and practices that work to expand and perfect markets, foster the development of new products and services and create efficiencies for member firms, while preserving and enhancing the public's trust and confidence in the markets and the industry. SIFMA works to represent its members' interests locally and globally. It has offices in New York, Washington D.C., and London and its associated firm, the Asia Securities Industry and Financial Markets Association, is based in Hong Kong.