Conservator or Receiver of Financial Assets Transferred by an Insured Depository Institution

SIFMA provides comments to the Federal Deposit Insurance Corporation (FDIC) in regard to proposed rulemaking on the treatment by the FDIC as conservator or receiver of financial assets transferred by an insured depository institution in connection with a securitization or participation after March 31, 2010, RIN #3064-AD55. SIFMA does not believe the proposed safe harbor is the appropriate means to regulate the securitization market given that: 1) the regulation of the securitization market must be undertaken on a coordinated basis in consideration of on-going legislative reform efforts in Congress and in consultation with other relevant regulators; and 2) an insolvency safe harbor should be based on insolvency principles and should not impose requirements unrelated to insolvency.