The Securities Industry Association (SIA)* and The Bond Market Association (TBMA)* provide comments to the National Association of Securities Dealers, Inc (NASD) on a proposal creating a chief compliance officer and chief executive officer certification requirement. SIA supports a rule amendment that ensures all member firms embrace and advance the goals of the rule proposal. SIA believes the current form of the proposal may not achieve the intended results and suggests a regular communication forum, such as documented periodic meetings between the firm’s senior management and appropriate compliance professionals for purposes of assessing the firm’s overall supervisory and compliance posture.
*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.