AMG Views on Core Principles for Regulating the US Financial System

SIFMA’s Asset Management Group (SIFMA AMG) provides comments to the U.S. Department of the Treasury as it develops its report in response to President Trump’s Executive Order on Core Principles for Regulating the United States Financial System.

AMG’s comments focus on the following regulatory issues that are particularly important to our members and that we believe need recalibration in accordance with the Core Principles:

1. Repealing attempts to apply macroprudential regulation to non-banks, including inappropriate non-bank systemic risk designations, and revisiting bank capital and other prudential policies that are unduly harming capital markets and investors;
2. Recalibrating certain recent domestic regulations proposed or finalized by U.S. regulators, including the SEC and the CFTC that may harm investors and the markets;
3. Changing the DOL’s fiduciary rule into a uniform standard that will apply to all retail investors receiving personalized investment advice without unduly adding costs and burden;
4. Addressing unintended consequences for so-called “covered funds” under the Volcker Rule;
5. Reconsidering the current SEC process for approving ETFs; and
6. Leading ongoing international regulatory efforts that will disproportionately affect U.S. markets and U.S.-based asset managers, insurers, and their clients.

See Also: Presidential Executive Order on Core Principles for Regulating the United States Financial System