*Letters

SIA Submits Comments to the NYSE on Outsourcing and Due Diligence Required in the Use of Service Providers

Published on:
December 1, 2005

The Outsourcing Subcommittee of the Securities Industry Association (SIA)* provides comments to the New York Stock Exchange (NYSE)on proposed NYSE Rule 340, Outsourcing: Due Diligence and ConditionsRequired in the Use of Service Providers, and proposed amendment to NYSE Rule 342.30 (c), the Annual Report and Certification.

SIA does not support the proposed rule, because it believes the proposal is inconsistent with other regulatory approaches and does not provide sufficient flexibility. SIA recommends the NYSE consider examining any potential duplication of existing regulation; and recommends the rules should be consistent with other U.S. securities regulators, international regulation under Basel, and overall international regulations.

*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA).

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