Release Date: June 9, 2016
Contact: Liz Pierce, 212-313-1173, [email protected]  

SIFMA AMG Announces New Derivatives Package to Help Asset Managers Onboard Clients
 Template Document is part of a series of resources that SIFMA AMG is making available to firms 

New York, NY, June 9, 2016–SIFMA’s Asset Management Group (SIFMA AMG) today announced the availability of a new template client document that asset management firms can use to comply with new informational and disclosure obligations required to onboard clients for derivatives transactions.  

The “Derivatives Package” for use with clients includes a cover letter, a Derivatives Trading Client Questionnaire, a Derivatives Authorization, and a list of regulatory definitions used in the documents. Client completion and signing of the Derivatives Package provides asset managers with authority to set up an account for trading on the client’s behalf, to make required representations, and to adhere to the relevant industry Protocols without disruption of the management of the client’s account. The Derivatives Package is available at no cost on SIFMA’s website. 

“SIFMA AMG is pleased to make the Derivatives Package available to our member firms and the industry as a whole,” said Laura Martin, managing director and associate general counsel, SIFMA AMG. “Given the tremendous amount of new regulatory requirements facing asset managers, standardized documents such as this package facilitate compliance practices and streamline operations. We will continue to review the regulatory landscape and assess if other resources can be developed to promote compliance.” 

SIFMA AMG continues to review new regulatory requirements and is evaluating additional resources that could be developed to help member firms comply. In April, SIFMA AMG published a client classification outreach letter to assist asset managers in helping their clients navigate clearing requirements in Europe pursuant to the European Market Infrastructure Regulation (EMIR).  SIFMA AMG also published today a disclosure form to assist buy side market participants in complying with disclosure obligations under Article 15 of the EU’s Securities Financing Transactions Regulation. 

The Derivatives Package, EMIR Classification Guide and other resources are available here: http://www.sifma.org/services/standard-forms-and-documentation/swaps/. 

SIFMA AMG members represent U.S. asset management firms whose combined assets under management exceed $30 trillion.  The clients of AMG member firms include, among others, registered investment companies, endowments, state and local government pension funds, private sector Employee Retirement Income Security Act of 1974 (“ERISA”) pension funds, and private funds such as hedge funds and private equity funds.