The Securities Industry and Financial Markets Association (SIFMA) yesterday welcomed the Committee on Capital Markets Regulation Interim Report and called it a constructive contribution to the discussion about ensuring that markets and industry are globally competitive.
"This report draws opinions from some of the most respected and sophisticated men and women involved in the capital markets today," said Micah Green, co-CEO of SIFMA. “The bi-partisan study group, which includes members of the business, academia and the investor community, among others, has provided a host of important recommendations which should be seriously reviewed and considered by U.S. policymakers."
"The report makes a number of constructive contributions regarding the regulatory process which could dramatically improve the efficiency and competitiveness of our markets," said Marc Lackritz, co-CEO of SIFMA. “The report calls for the SEC and self-regulatory organizations to create more risk-based and principles-based rules and to improve cost-benefit analysis of proposed and existing rules, objectives that the securities industry fully endorses, especially after our study this year which showed the industry’s compliance costs doubled from 2002 to 2005."
