SIFMA Europe Issues
Key Objectives | Top Regulatory Policy Priorities | Affiliates' Top Policy Priorities
Key 2009 Objectives
There are 4 key OBJECTIVES that underpin SIFMA Europe regulatory policy priorities for 2009:
- Restore financial industry reputation
- Restart credit markets
- Engage regulators/policy makers constructively on necessary and appropriate reform needs
- Whilst recognising the need for regional and national interventions, promote internationally consistent regulation and maintenance of open markets
SIFMA Europe Top 2009
Regulatory Policy Priorities
SIFMA Europe's advocacy team is primarily focused on the EU and global crisis-related REGULATORY REFORM agenda, and in particular:
- Systemic Risk Regulation and Supervision (G20, De Larosiere)
- Effective and Efficient Local/Regional and Global Regulation
- Securitisation Regulation (disclosure, standardisation, OTD model, Capital Requirements)
- Credit Derivatives Regulation (including Central Clearing)
- Credit Rating Agencies Regulation
- Post-Trade Price reporting in debt, structured and derivatives products
- Short-Selling Regulation
OTHER PRIORITIES include:
- Clearing and Settlement
- Insolvency Reform
- Investor Education
SIFMA EU Affiliates
Top 2009 Policy Priorities
With its network of fully integrated expert affiliates and divisions, SIFMA is uniquely placed to provide technical advice to EU governments and regulators on product regulatory reform, as well as to implement changes to market practices.
1. European Primary Dealers Association (EPDA): EPDA's top 2 priorities for 2009 are:
- To help Eurozone governments meet their significant additional funding needs, including via the possible development of common EU issuance
- To maintain active secondary trading of government debt via promotion of open competitive trading
2. European Securitisation Forum (ESF): ESF's top priority for 2009 is to revive Europe's securitisation market, a key funding tool for a properly functioning EU economy. Acknowledging that significant improvements must be made for confidence to be restored, ESF will focus on:
- Continually updating the industry initiatives to improve transparency in this market delivered to the European Commission in 2008, as well as implementation of the Global Joint Initiative Recommendations to restore investor confidence, announced December 2008;
- Continuing a constructive dialogue with regulators and policy makers on appropriate securitisation reform needs.
3. European Covered Bond Dealers Association (ECBDA): The newly formed ECBDA will focus on reviving the EU covered bond market which, alongside securitisation, is the other major source of funding of mortgages for EU citizens.
4. European High Yield Association (EHYA): EHYA will focus on obtaining governmental support for its corporate insolvency reform agenda so as to reduce the impact of the expected significant number of corporate defaults on companies and jobs.
5. European Primary Markets Division (EPMD): The newly formed EPMD will focus on standardisation and best practice in equity capital markets. Top priorities include contributing to reform of UK rights offerings, compiling industry standard documentation for use in block trades, and agreeing best practice on disclosure in purely international offerings (with no US placing).
6. European Securities Services Forum (ESSF): ESSF’s top priority in 2009 is the continued development of robust EU and global frameworks for clearing & settlement in financial markets by means of initiatives to harmonise and standardise post trade processing (e.g., corporate actions) and the continued provision of user-input on Target 2 Securities, the EU Code of Conduct, and the formation of central clearing counterparties for CDS.