Release Date: November 9, 2012

Contact: Andrew DeSouza, 202.962.7390, adesouza@sifma.org 

 SIFMA Statement on Regulators' Extension of Basel III Effective Date 

Washington, D.C., November 9, 2012—SIFMA today released the following statement from President and CEO Tim Ryan in response to the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) issuing a notice stating that the January 1, 2013 effective date of Basel III capital rules would be pushed back.

“Regulators have appropriately acted to give the industry more time to implement these new capital standards and ensure that each of their systems is updated to comply with Basel III. We remain committed to working with the regulators to ensure compliance with Basel III capital standards to ensure the safety and soundness of the financial system while not constricting bank’s ability to lend, facilitate capital formation, and significantly contribute to our economic recovery.”

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 The Securities Industry and Financial Markets Association (SIFMA) brings together the shared interests of hundreds of securities firms, banks and asset managers. SIFMA's mission is to support a strong financial industry, investor opportunity, capital formation, job creation and economic growth, while building trust and confidence in the financial markets. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.