Congressional Republicans Want Answers on DOL and SEC Fiduciary Standards

Tempers Flair as Publication of Sweeping New ERISA Fiduciary Proposal Draws Near

Wednesday, March 25, 2015

In a March 4, 2015 letter, two House Republicans requested answers from Department of Labor (DOL) Secretary Thomas E. Perez about the process for devising new fiduciary rules for investment professionals providing services to retirement plans.  Representative John Kline (R-MN), Chairman of the House Committee on Education and the Workforce, and Rep. Phil Roe (R-TN), Chairman of the Subcommittee on Health, Employment, Labor and Pensions, want to know if and how the DOL and the Securities and Exchange Commission (SEC) are working together to minimize potential conflicts, higher costs, and detrimental effects on information available to those saving for retirement.  

A Call for Academics to Join Policy Debates Over Securities Regulations

SEC Opens the Door to Academic Input on Equity Market Structure Reforms

Tuesday, March 17, 2015

In a recent address before the Center for the Study of Financial Regulation at the University of Notre Dame’s Mendoza College of Business, SEC Commissioner Michael S. Piwowar urged academics to engage more actively in policy debates over securities regulation. Commissioner Piwowar is particularly interested in “data-driven” input from academics in connection with potential reforms to the structure of the U.S. securities markets. The Commission recently finalized the composition of a Market Structure Advisory Committee that will focus on the structure and operations of the U.S. equities markets and will function as a forum and resource for reviewing specific, clearly articulated initiatives or rule proposals. Piwowar sees the Committee’s work as a prime opportunity for academics studying the securities markets to provide real input and make their voices heard.

Revised Fiduciary Standards Slowed but Not Stopped

Tuesday, March 03, 2015

Pursuant to a mandate in the Dodd-Frank act, both the Department of Labor and the Securities and Exchange Commission have been working to develop uniform fiduciary standards for investment advisers and broker-dealers.  The efforts of the DOL and SEC have unfolded over the past five years with both floating proposals that have been met with stiff opposition from industry and in Congress.  Each effort has hit its own respective roadblocks over the past year.  However, despite eleventh-hour efforts by members of the investment industry and some on Capitol Hill, both the DOL and SEC appear to be moving ahead with their respective uniform fiduciary standards.

Basel Banking Supervision Committee Priorities for 2015-2016

Wednesday, February 25, 2015

The Basel Committee on Banking Supervision has announced its planned areas of focus for 2015 and 2016 as it continues to propose and finalize the remaining elements of its Basel III regulatory reform agenda. The Committee will continue to pursue its post-crisis reform agenda, but will now look toward restoring confidence in capital ratios, ensuring consistency across the regulatory framework, monitoring and assessing the implementation of the framework, and improving the overall effectiveness of supervision. 

CSMFE Submits Comments on FSB Data Collection Proposals

Aircraft pilots cannot monitor risks based solely on altitude; neither can market supervisors.

Thursday, February 12, 2015

CSFME has submitted a comment letter identifying additional metrics the Center feels are necessary to properly assess the risk of collateral fire sales associated with securities lending transactions.  In particular, CSFME asserts that the FSB and sovereign regulators must expand the data initiative beyond position aggregates, to include risk mitigation resources as well as termination activity.
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