SIFMA Update
January 18, 2008
association news
Tim Ryan Appointed CEO of SIFMA
SIFMA on Wednesday announced the appointment of T. Timothy Ryan, Jr. as president and CEO. “I’m flattered and excited to be selected to run an organization as important and respected as SIFMA,” said Ryan. “This is a critical time for our industry. Markets are highly volatile, financial innovations are creating new products at a faster pace than we’ve ever seen, and global regulation is updating constantly. Amid this, it’s never been more important for the industry to work together to continue creating economic growth and strong, trusted markets. SIFMA will continue to play an essential role as the industry’s single powerful voice.” Ryan was vice chairman of investment banking for financial institutions and governments at JPMorgan and a member of the firm’s leadership team. Prior to joining JPMorgan in 1993, Ryan was the director of the Office of Thrift Supervision (OTS) at the U.S. Department of the Treasury. At OTS, he was the banking and securities regulator for the nation’s approximately 2,000 thrifts and managed an office of 3,000 employees in 11 offices. He was also a principal manger of the savings and loan cleanup, which involved closing approximately 700 insolvent institutions, improving capital bases and selling over $300 billion of assets. He was a director of the Resolution Trust Corporation and a director of the Federal Deposit Insurance Corporation. From 1982 to 1990, Ryan was a partner in the Washington, D.C. office of the law firm Reed, Smith, Shaw & McClay, where he headed the Pension Investment Group and was a member of the firm’s Executive Committee. From 1981 to 1983, he was solicitor of labor at the U.S. Department of Labor. He will spend the remainder of January visiting with regional members and other major SIFMA constituents. Beginning in early February, Ryan will be headquartered in SIFMA’s New York office. Click here to view SIFMA’s press release.
SIFMA Names Davy and Wiener to Managing Director Roles in
Capital Markets Group
SIFMA this week, announced the appointments of Sean Davy and Jack Wiener. Davy will serve as managing director within the mortgage–backed securities (MBS) and securitized products division in New York. Wiener, who will be principally responsible for SIFMA’s Corporate Credit Markets Division, will serve as a managing director and associate general counsel. “Sean’s wide range of financial and corporate banking experience and extensive business credentials make him an excellent fit for the staff advisor role, and we are delighted that he has joined the association,” said Randy Snook, SIFMA senior managing director and executive vice president. “SIFMA’s members will benefit greatly from Jack’s legal experience and years of distinguished leadership at the Depository Trust and Clearing Corporation where he headed the international law practice, structured transactions, worked with regulators, and developed compliance policies and procedures,” added Snook. Click here to view SIFMA’s press release.
REGULATION
SIFMA
Welcomes Supreme Court Decision in Stoneridge Case
On Tuesday, SIFMA applauded the Supreme Court’s decision in the case of Stoneridge Investment Partners v. Scientific-Atlanta and Motorola. In its decision, the Court correctly concluded that shareholders cannot sue investment banks, attorneys, accountants, and other third-parties who did business with a company that engaged in fraud, where the investors did not rely upon any deceptive acts of the third-parties. Had the Court ruled any other way, the outcome would have unnecessarily generated significant additional litigation, costing billions of dollars to American business, and putting U.S. companies at a competitive disadvantage to their foreign counterparts. “The Supreme Court clearly made the right decision in this important case. This decision ensures that overzealous litigation does not derail the U.S. economy,” said Ira Hammerman, senior managing director and general counsel at SIFMA. “The wrong ruling would have unleashed a tsunami of damaging side effects, infecting the entire U.S. economy and harming investors. In reaching its decision, the Court clearly recognized that investors already receive substantial protections under the law, and the SEC and other securities regulators are already equipped with all the necessary regulatory tools to recoup lost money for investors.” Click here to view SIFMA’s amicus brief in the case. Click here to view SIFMA’s press release. For more information, contact Kevin Carroll.
markets
SIFMA Recommends Early and Full Market Closures
SIFMA has confirmed its previous recommendation for an early close at 2:00 p.m., EST, on Friday, January 18th in the U.S. and a full market close on Monday, January 21st in the U.S., UK and Japan, for the trading of U.S. dollar-denominated fixed-income securities in observance of the Martin Luther King Day Holiday. These recommendations apply to trading of U.S dollar-denominated government securities, mortgage- and asset-backed securities, over-the-counter investment-grade and high-yield corporate bonds, municipal bonds and secondary money market trading in bankers’ acceptances, commercial paper and Yankee and Euro certificates of deposit. SIFMA’s recommended early and full market closes are recommendations only; each member firm should decide for itself whether its fixed-income departments remain open for trading. All SIFMA recommendations are subject to change due to market conditions. Click here to view SIFMA’s press releases.
events
Dark Pools Symposium, February 1, New York, NY
Recent market structure and regulatory changes have prompted a dramatic increase in the number of “Dark Pools” – so-called “hidden” sources of liquidity. How is this impacting the way we trade? Are there regulatory concerns? Is transparency or trade execution negatively impacted? At this Symposium, SIFMA will bring together leading industry professionals to address these questions and other key issues to help you navigate the changing marketplace. Discussions will focus on how firms are handling the fierce competition, innovative trading platforms, and dynamic business strategies (both buy-side and sell-side). Click here to view more event details. Click here to register.
Savings and Retirement Conference, February 28-29,
Washington, D.C.
Sign-up now to attend this conference on policy and business developments that will enhance your firm’s efforts to help investors save for and live comfortably in retirement. Invited speakers include nationally known leaders from the industry, as well as state and federal policy arenas. Key discussion topics will include: Investment Adviser vs. Broker Dealer, Fee Disclosure: Reform or Revolution?, The 403(b) marketplace: Who’s Staying, Who’s Going, and Beneficiary Distribution Issues, plus a regulator roundtable discussion on financial services and the baby boomers. Click here to view more event details. Click here to register.
