08:54 AM
SIFMA Comments On End of House-Senate Conference on Financial Reform
The Securities Industry and Financial Markets Association (SIFMA) today released a statement from President and CEO Tim Ryan on the conclusion of the House-Senate conference on financial regulatory reform.
Ryan cited the important provisions contained in the final financial reform bill, including the establishment of a systemic risk regulator, resolution authority and a new federal fiduciary standard for retail investors. But he cautioned, "This is a tough law that will have profound effects on the operations and cost structure of most financial services companies and financial markets."
The SIFMA statement follows:
“Today marks the end of a year-long process by the Congress and Obama Administration to enact reforms and new regulation of the nation’s financial system. Much of this new law should help to restore and maintain confidence in U.S. financial markets, including several important provisions such as the establishment of a systemic risk regulator, resolution authority and a new federal fiduciary standard for retail investors. But this is a tough law that will also have profound affects on the operations and cost structure of most financial services companies and financial markets. As the Congress enacts this new law, the financial services industry will begin to implement the changes, while continuing to serve our clients, investors, companies and governments.” Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio