Washington, D.C., January 30, 2020 – SIFMA today released the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, on the finalization of a proposal modifying the rules for determining control of a banking organization by the Board of Governors of the Federal Reserve System (FRB):

“SIFMA applauds the focus on simplification and providing greater clarity regarding the controlling influence test. We urge the FRB to continue exploring additional changes to ensure U.S. financial markets and banking organizations remain competitive, continue to be positioned to drive innovation and growth and are fully able to meet their customers’ capital markets and asset management needs.”

-30-

SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s nearly 1 million employees, we advocate for legislation, regulation and business policy, affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.