April 2, 2014 Newsletter
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April 2, 2014
 

SFIG News

SFIG Calendar

Advocacy Outlook

Recent Developments

Upcoming Events in Washington

 
SFIG NEWS
SEC EXTENDS COMMENT PERIOD FOR ASSET-BACKED SECURITIES RELEASES
The Securities and Exchange Commission (SEC) has extended the deadline for the re-opened comment period on two releases, Asset-Backed Securities, Securities Act Release No. 33-9117 (Apr. 7, 2010), 75 FR 23328 (the "2010 ABS Proposing Release") and Re-Proposal of Shelf Eligibility Conditions for Asset-Backed Securities, Securities Act Release No. 33 - 9244 (July 26, 2011), 76 FR 47948 (the "2011 ABS Re-Proposing Release"). The extended comment deadline is now April 28, 2014.

The SEC believes that providing the public additional time to submit comprehensive responses to the proposed rules would benefit its consideration of the final rules. 

On March 10th, SFIG submitted a request to the SEC citing similar benefits to a comment period extension. Many of SFIG’s members made similar individual requests to the SEC. The Regulation AB II Task Force will continue to meet and develop its positions and members interested in joining should please contact Alyssa.Acevedo@sfindustry.org.

 
SFIG MEETS WITH CONGRESS TO DISCUSS LCR CONCERNS
Last week, SFIG members and staff held over 12 meetings with both Members and staff of the House Financial Services and Senate Banking, Housing, and Urban Affairs Committees to discuss the effects that the proposed changes to the Basel liquidity coverage ratio (LCR) will have on the securitization market.

For bank customer securitization facilities, the amount of high-quality liquid assets (HQLA) that must be held increases from 10 percent to 100 percent. As such, SFIG, along with Securities Industry and Financial Markets Association (SIFMA), proposed a “look through” treatment for bank customer securitization facilities in our January 2014 comment letter. The “look through” treatment proposed in the comment letter reflects treatment approved in the final European Union LCR rules.

Furthermore, over 50 companies wrote a letter to the agencies last month in support of SFIG and SIFMA’s recommendation to provide “look through” treatment. The letter encourages the regulators to adopt this approach and states, “We are concerned that applying a 100 percent outflow amount to undrawn credit commitments under bank customer securitization credit facilities could impact the availability or pricing of these facilities, thus curtailing our ability to provide cost effective financing to our customers and negatively impacting our ability to diversify the funding of our daily business, invest in new growth initiatives and create jobs.”

Finally, the proposed rules would prohibit GSE, private-label RMBS and other ABS such as autos and credit cards from being designated as HQLA. Such a designation, along with other regulatory and market factors, could effectively create illiquid markets for such securities.

SFIG will continue to educate Members of Congress and staff about the effects that the proposed LCR changes could have on housing finance, consumer credit and growth.

 
SFIG RELEASES AGENDA FOR FIRST CANADIAN SYMPOSIUM
SFIG is holding its first Canadian Symposium in Toronto on Tuesday, April 15, 2014. The symposium, hosted by McCarthy Tétrault LLP, is designed to help SFIG members and other industry participants stay well-informed on current issues in the Canadian Securitization market.

The full agenda for the event is available here. Registration is open to the public and the form is available here.

 
WATERS RELEASES HOUSING FINANCE REFORM PROPOSAL, SFIG TO RELEASE UPDATED LEGISLATIVE COMPARISON
Last week, Congresswoman Maxine Waters, Ranking Member of the House Committee on Financial Services, released a proposal to reform the U.S. housing finance system and facilitate the wind down of its Government Sponsored Enterprises (GSEs), Fannie Mae and Freddie Mac.

As such, SFIG will re-release our legislative comparison (originally distributed in the March 26th newsletter) with the Waters’ bill incorporated so that members have a summary of each of the four major housing finance reform proposals, including those from Congressman Jeb Hensarling (the PATH Act), Senators Corker and Warner, and Senators Johnson and Crapo. Members should keep an eye out for an SFIG Alert with the updated document on Friday, April 5th.

 
SFIG CALENDAR
SFIG AND U.S. TREASURY MEETING
WEDNESDAY, April 2, 2014
1:30 p.m. – 2:30 p.m. (EST)
U.S. Department of Treasury
Note: Closed Meeting to discuss return of private capital in the mortgage market
 
 
PROJECT RMBS 3.0 DUE DILIGENCE, DATA AND DISCLOSURE WORKING GROUP CALL (WEEKLY)
WEDNESDAY, April 2, 2014
4:00 p.m. (EST)

 
PROJECT RMBS 3.0 REPRESENTATIONS, WARRANTIES AND REPUCHASE ENFORCEMENT WORKING GROUP CALL (WEEKLY)
THURSDAY, April 3, 2014
4:00 p.m. (EST)
 
 
SFIG AND SEC MEETING
FRIDAY, April 4, 2014
10:00 a.m. (EST)
Note: Closed Meeting to discuss privacy concerns with respect to Regulation AB II
 
 
FDIC EDUCATION DAY
MONDAY, April 7, 2014
9:30 a.m. – 4:00 p.m. (EST)
Arlington, VA
Note: Closed Meeting

 
SFIG AND FHFA MEETING
WEDNESDAY, April 9, 2014
11:00 a.m. – 12:00 p.m. (EST)
Federal Housing Finance Agency
Note: Closed Meeting to discuss GSE Reform

 
PROJECT RMBS 3.0 ROLE OF TRUSTEE/BONDHOLDER COMMUNICATION WORKING GROUP MEETING
THURSDAY, April 10, 2014
3:00 p.m. – 4:30 p.m.
Dentons
1221 Avenue of the Americas
New York, NY 10020
Email Mary.Robinson@sfindustry.org for more information
 
 
CANADIAN SYMPOSIUM
TUESDAY, April 15, 2014
4:00 p.m. – 6:00 p.m. (EST)
McCarthy Tétrault LLP
66 Wellington Street West #5300
Toronto, ON M5K 1E6
Note: Closed to Press
Registration available here and full agenda available here
 
SFIG AND FHFA MEETING
WEDNESDAY, April 16, 2014
4:00 p.m. – 5:00 p.m. (EST)
Federal Housing Finance Agency
Note: Closed Meeting to discuss return of private capital in the mortgage market
 
 
IMN’s INVESTOR’S CONFERENCE ON CLOS AND LEVERAGED LOANS
TUESDAY, April 22, 2014 - WEDNESDAY, April 23, 2014
Marriott Marquis
1535 Broadway
New York, NY 10036
 
 
SFIG SPRING SYMPOSIUM
WEDNESDAY, May 14, 2014
Time and Agenda to be announced
Société Générale
245 Park Avenue, New York, NY
 
 
IMN’s 2014 GLOBAL ABS CONFERENCE
TUESDAY, June 10, 2014 – THURSDAY, June 12, 2014
Barcelona International Convention Centre
Barcelona, Spain
 
 
SFIG’s BOARD OF DIRECTORS MEETING Q2 ’14
TUESDAY, June 24, 2014
12:00 p.m. – 5:00 p.m. (EST)
New York, NY
Note: Closed Meeting
 
 
ADVOCACY OUTLOOK
If you would like to participate in the work SFIG is undertaking through our committees as highlighted below, please e-mail Committees@sfindustry.org. For specific inquiries on any of SFIG’s advocacy efforts, please contact the staff member listed for the related project.

Regulation AB II SFIG continues to develop a response to the proposal on asset-level disclosures issued by the Securities and Exchange Commission (SEC) on February 25, 2014 (for additional details on this approach please see the staff memorandum included in the public comment file). The SEC has extended the deadline and comments are now due on April 28, 2014. SFIG will continue to hold calls in order to address key arguments included in the letter. Please contact Alyssa.Acevedo@sfindustry.org with any questions.

Project RMBS 3.0 Working Groups conduct regular meetings via conference call to address issues specific to private label mortgage securities in the following categories: 1) Representations, Warranties and Repurchase Enforcement; 2) Due Diligence/Loan Review, Data and Disclosure; and 3) Role of Trustees and Bondholder Communications. We encourage members to participate in any or all of the Working Groups to contribute towards the mission of Project RMBS 3.0. The Role of Trustees and Bondholder Communication Working Group will be meeting live at the New York offices of Dentons on April 10, 2014. Please see the SFIG Calendar for additional information, and contact Mary.Robinson@sfindustry.org to join a Working Group or with any additional questions on Project RMBS 3.0.

The GSE Reform Task Force has formulated policy recommendations that it is reviewing within SFIG. The GSE Reform Task force held multiple calls recently to analyze the differences between the proposed Johnson-Crapo legislation and the draft positions established by the GSE Reform Task Force. These differences will form the basis of SFIG’s advocacy efforts with members of the Senate Committee on Banking, Housing, and Urban Affairs. If you would like to learn more about SFIG’s activities with respect to GSE Reform, please contact Amanda.Bateman@sfindustry.org.

The Mortgage Loan-Level Disclosure Subcommittee has reviewed and developed additional data elements for potential disclosure. SFIG will use this work as a basis of discussions and correspondence with the Securities and Exchange Commission on the mortgage aspects of Regulation AB II. SFIG continues to have weekly Mortgage Industry Standards Maintenance Organization calls to go through data elements that lenders should deliver in securitizations. Please contact Alyssa.Acevedo@sfindustry.org for additional information on SFIG’s work on this topic.

The Working Group on the Canadian Proposed ABCP Disclosure is meeting via conference call to develop a comment letter in response to the Canadian Securities Administrators’ (CSA) proposed New Prospectus Exemption would require that short-term securitized products comply with a number of new conditions and disclosure requirements, including extensive disclosure of Asset Backed Commercial Paper transactions. Comments are due April 23, 2014. For more information, or to participate on this working group, please contact Mary.Robinson@sfindustry.org.

The Volcker Task Force is working with the asset class committees to determine key issues and need for interpretative guidance regarding the Volcker Rule. Please contact Amanda.Bateman@sfindustry.org for additional information on the Volcker Task Force.

The Net Stable Funding Ratio (NSFR) Working Group is meeting via weekly conference call to develop a comment letter to reflect the concerns and positions of SFIG members regarding the proposed revisions to the NSFR, as well as letters to U.S. and European regulators regarding implementation of the Basel leverage ratio. Comments are due April 11, 2014. Please see the SFIG Calendar for additional information on the NSFR Working group call, and email Mary.Robinson@sfindustry.org with any questions on the NSFR proposal or Working Group.

The Risk Retention Committee is continuing to follow up with regulators on risk retention questions across asset classes. Topics currently under discussion include participations, representative sample and the simplified approach. Please email Alyssa.Acevedo@sfindustry.org with any questions.

SFIG is continuing to build membership for its Chinese Market Committee and is currently looking to establish committee chairs as well. If you would like more information on SFIG’s work with respect to Chinese securitization, please contact Alyssa.Acevedo@sfindustry.org.

SFIG has launched its initiative to provide critically needed input for the Financial Stability Board’s “Shadow Banking” project. For more information on SFIG’s work on Shadow Banking, please contact Amanda.Bateman@sfindustry.org.

 
 
RECENT DEVELOPMENTS
JOHNSON-CRAPO BILL SCHEDULED FOR APRIL 29TH MARKUP
Last Friday, Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) of the Senate Committee on Banking, Housing, and Urban Affairs announced that the markup of their housing finance reform bill has been scheduled for Tuesday, April 29, 2014 at 10:00 a.m. (EST).

A press release announcing the markup can be found here. The text of the Johnson-Crapo legislation can be found here. A detailed summary and a section-by-section summary are also available from the Committee’s website.

 
HOUSE FINANCIAL SERVICES COMMITTEE RANKING MEMBER RELEASES GSE REFORM BILL
On Thursday, March 27th, House Financial Services Committee Ranking Member Maxine Waters released her own housing finance reform proposal; this is the fourth such piece of legislation, as proposals have previously been offered by Congressman Jeb Hensarling (R-TX), Senators Bob Corker (R-TN) and Mark Warner (D-VA), and Senators Tim Johnson (D-SD) and Mike Crapo (R-ID). Entitled the "Housing Opportunities Move the Economy (HOME) Forward Act of 2014", the bill includes the following key features:

  • Establishes a new regulator, the National Mortgage Finance Administration (NMFA) that will oversee the Federal Home Loan Banks and the new Issuer and establishes the Mortgage Insurance Fund to provide a federal guarantee on eligible mortgages. The NMFA will determine the fees to be charged for insurance on securities backed by eligible mortgages, capital, and underwriting standards, as well as overseeing all guarantors to which the Issuer is exposed.
  • Creates the Mortgage Securities Cooperative (the Issuer), made up of lenders which will issue mortgage–backed securities eligible to receive federal insurance. The Issuer will be governed on the basis of "one member, one vote," providing effective access to smaller lenders.
  • Establishes mechanisms for bringing in private capital, which shall take the form of purchases of credit-linked notes, private guarantees, or capital of the Issuer.
  • Requires capital to be held by the Issuer against any counterparty risk that results from guarantees.
  • Provides that federal insurance will only be triggered for an individual security after both: 1) the first loss credit risk notes or guarantees on that security have been exhausted; and 2) all capital of the Issuer has been exhausted.
    • This capital, combined with the first loss credit risk piece placed in the markets, would form the basis of a minimum of 5 percent private capital ahead of the government backstop.
  • Gives the Mortgage Insurance Fund up to 7 years to reach a reserve of 1.5 percent of the outstanding principal balance of guaranteed securities and 12 years to reach 2.25 percent.
  • Requires the multifamily lending programs of Freddie Mac and Fannie Mae to be transferred to the new Issuer.
  • Ensures eligible mortgages will be high quality issuance that generally qualify for the "Qualified Mortgage" standard, but also allows rental properties that are currently eligible. Generally requires a minimum of 5 percent down payment, except for first-time home buyers who may have down payments of 3.5 percent.
  • Provides for a 5-year transition between the Government Sponsored Enterprises (GSEs) and the new Issuer, with Treasury authorized to extend by one year if necessary.
  • Eliminates the housing goals but provides a broad duty to serve the entire market, including underserved urban and rural markets.
  • Provides for a "waterfall" for distribution of earnings acquired during conservatorship to: Treasury Senior Preferred shares; any reserve funds needed in connection with wind-down of the GSEs; outstanding Affordable Housing Fund payments; and existing preferred and common shareholders, including Treasury as holder of warrants.
  • Provides authority for transfer of the GSEs’ assets to the new Issuer and permits Treasury to take new preferred shares in the new Issuer to assist in starting it up.
  • Assesses a 10 basis point annual fee on outstanding balances to finance affordable housing through the Affordable Housing Trust Fund, Capital Magnet Fund, and a new Market Access Fund.

The bill's full text is available on the House Financial Services Committee Minority website along with topline, detailed and section-by-section summaries for members who are interested in learning more. Also, later this week SFIG will release an updated version of our legislative comparison to show how the Waters bill aligns with proposals by Congressman Jeb Hensarling, Senators Corker and Warner, and Senators Johnson and Crapo.

 
 
CYBERSECURITY AT FOREFRONT FOR FINANCIAL SERVICES INDUSTRY
Concerns surrounding online threats and cybersecurity have been mounting recently in the financial sector. Last week, a Financial Services Roundtable discussion and Securities and Exchange Commission (SEC) roundtable focused solely on these issues. During these discussions, several executives called for more help form the government in terms of improving companies’ data security efforts. They argued for legislation that clearly defines security standards for public and private-sector networks that will protect the nation’s financial infrastructure and cyberintegrity.

Cybersecurity issues have been at the forefront of the proposal on asset-level disclosures issued by the SEC as well. The SEC is requesting comments on a new approach to disseminate potentially sensitive asset-level data, raising privacy and liability concerns among many commenters. If you would like to participate on the Regulation AB II Task Force, please contact Alyssa.Acevedo@sfindustry.org.

 
 
MORTGAGE DELIQUENCY AND FORECLOSURE RATES CONTINUE TO DECREASE
Mortgage delinquencies and foreclosures continued to improve for the fifth consecutive quarter at the end of last year, according to the Fourth Quarter 2013 OCC Mortgage Metrics Report. The Office of the Comptroller of the Currency (OCC) indicated in the report that delinquencies and foreclosures declined in the fourth quarter for the largest financial institutions. These institutions hold nearly half of the outstanding first-lien mortgages in the country. Overall, 91.8 percent of the mortgages covered in the report were current. This is a 0.4 percent improvement compared to last quarter and a 2.4 percent improvement compared to the previous year. The OCC attributes these recent mortgage trends to an improved economy and affordability of mortgages because of modifications, refinancings or better employment.  

 
BCBS FINALIZES NEW APPROACH FOR MEASURING COUNTERPARTY CREDIT RISK EXPOSURES
On March 31, 2014, the Basel Committee on Banking Supervision (BCBS) published a final standard on the treatment of derivatives-related transactions in its capital adequacy framework. The model measures exposure at default (EAD) for counterparty credit risk (CCR) using the Standardised Approach (the “SA-CCR”) and will apply to OTC derivatives, exchange-traded derivatives and long settlement transactions.

Exposures under the SA-CCR consist of two components, replacement cost (RC) and potential future exposure (PFE), which can be used to find exposure at default (EAD). The SA-CCR can be expressed mathematically as:

EAD = alpha * (RC+PFE)

In the above formula, alpha is equal to 1.4 and is based on the alpha value set by the BCBS for the Internal Model Method. The PFE input consists of a multiplier that allows for the partial recognition of excess collateral and an aggregate add-on, derived from add-ons developed for each asset class. The add-ons include interest rate derivatives, foreign exchange derivatives, credit and equity derivatives, and commodity derivatives. The methodologies for calculating these add-ons, explained in further detail in the SA-CCR published on Monday, hinges on the key concept of a “hedging set”. Under the SA-CCR, a hedging set is a set of transactions within a single netting set within which partial or full offsetting is recognized for the purpose of calculating the PFE add-on. The add-on will vary based on the number of hedging sets that are available within an asset class in order to account for basis risk and differences in correlations within asset classes. Basis transactions and volatility transactions form separate hedging sets in their respective asset classes, which will be assigned specific supervisory factors and follow the main hedging set aggregation rules for its relevant asset class.

The SA-CCR replaces both the Current Exposure Method (CEM) and Standardised Method (SM), the current non-internal models approaches. Those approaches did not differentiate between margined and unmargined transactions and failed to capture the level of volatilities as observed over recent stress periods. In formulating the SA-CCR to replace these models, the BCBS states its main objectives were, “to devise an approach that is suitable to be applied to a wide variety of derivatives transactions (margined and unmargined, as well as bilateral and cleared); is capable of being implemented simply and easily; addresses known deficiencies of the CEM and the SM; draws on prudential approaches already available in the Basel framework; minimises discretion used by national authorities and banks; and improves the risk sensitivity of the capital framework without creating undue complexity.”

The SA-CCR will become effective on January 1, 2017.

 
CFTC AND CANADIAN AUTHORITIES SIGN MOU TO ENHANCE SUPERVISION OF CROSS-BORDER REGULATED ENTITIES
The U.S. Commodity Futures Trading Commission and the Alberta Securities Commission, British Columbia Securities Commission, Ontario Securities Commission, and Autorité des marchés financiers (collectively, Canadian Authorities) have entered into a Memorandum of Understanding (MOU) regarding cooperation and the exchange of information in their supervision and oversight of entities that operate on a cross-border basis in the U.S. and in Alberta, British Columbia, Ontario or Quebec. Through the MOU, the U.S. and Canadian Authorities express their willingness to cooperate with each other in the interest of fulfilling their respective regulatory mandates regarding derivatives and/or securities markets, particularly in the areas of: protecting investors and customers; fostering the integrity of and maintaining confidence in financial markets; and reducing systemic risk.  

 
SEC TO EXEMPT MONEY-MARKET MUTUAL FUNDS FROM KEY RULES
According to a March 25th report from the Wall Street Journal, the Securities and Exchange Commission (SEC) is expected to exempt a majority of money-market mutual funds from a set of rules intended to curb risks in their market. The report states that the SEC is preparing to broaden an exemption for small retail investors from requirements that certain money funds abandon their signature $1 share price and float in value like other mutual funds. Proponents of a floating share price believe it would make investors more accustomed to fluctuations in the value of their shares and therefore less likely to panic when the price falls below $1.

The exemption being discussed among staff and Commissioners would allow funds that cater to only retail investors to maintain stable $1 share prices, including tax-exempt funds that purchase short-term debt issued by states and localities. Currently, “retail” is defined as funds allowing investors to redeem $1 million or less on a daily basis. However, industry representatives have argued that the agency’s proposed definition was unworkable and that its daily redemption limit would result in significant costs and operational complexity for both funds and third-party intermediaries. Sources familiar with the matter told the Wall Street Journal that the SEC may issue a revised definition whereby “retail” applies to such funds as those limited to “natural persons,” based on whether their investors have Social Security numbers or other factors.

As much as two-thirds of the industry could be exempt from the floating share-price requirements if the SEC should decide to approve a final rule incorporating these changes.

 
 
CONCERN THAT FINRA TBA MARKET RISK REDUCTION PROPOSALS MAY HAVE UNINTENDED EFFECT ON MORTGAGE MARKET
Members of the mortgage-backed securitization industry are expressing concern about the potential impacts of proposed amendments to Rule 4210 from the Financial Industry Regulatory Authority, Inc. (FINRA) in light of the closing of the comment period on March 28th. The changes to Rule 4210 would establish margin requirements and close-out requirements in the To Be Announced (TBA) sector of the mortgage securities market. The amendments are designed to mitigate potential risk from counterparty exposure. FINRA stated that the “TBA market is one of the few markets where the exchange of margin has not been a common practice, thereby creating a potential risk from counterparty exposure.”

Financial industry members, however, expressed concern that while well intended, FINRA’s proposals may result in unintended consequences to the industry. In a statement released last Friday the Association of Institutional Investors cited concern that the proposals will lead to lower liquidity, and “[r]educed liquidity in the agency MBS market, in particular the TBA market, will cause a meaningful increase in hedging costs for mortgage originators which, in turn, will mean higher borrowing costs for American homebuyers.”

 
 
YELLEN EXPLAINS NEED TO PROMOTE A STRONGER JOB MARKET
The Chair of the Board of Governors of the Federal Reserve System (Federal Reserve), Janet Yellen, described what the FederalReserve is doing to promote a stronger job market in her Address at the 2014 National Interagency Community Reinvestment Conference. Yellen stated that the U.S. economy and job market still face many problems and continue to require support from the central bank's low-interest-rate policy. The Chair highlighted some of these problems such as the high number of individuals who are considered “long-term jobless” and for whom finding a new job is ever-difficult with time, as well as the large portion of people working only part time because they cannot find a full-time job.

Yellen also emphasized that the Federal Reserve's recent decision to decrease the amount of bonds it buys per month should not be viewed as a shrinking of monetary policy, but rather an effort to keep down long-term rates. The Federal Reserve has kept official interest rates at effectively zero since December 2008 and has vowed to keep them there for a while longer.

 
LAWMAKERS CONCERNED WITH OCC AND FED CRACKDOWN ON ONLINE LENDING
Last week, 12 Republicans and 11 Democrats submitted a letter to the Federal Reserve Chair, Janet Yellen, and Treasury Department’s Comptroller of Currency, Thomas Curry, expressing their concerns regarding recent efforts to crack down on fraud. The letter highlighted that while efforts to eradicate fraud are praiseworthy, legitimate, licensed businesses are also being damaged by the government's actions. It is reflective of the widening concern in Congress regarding increased scrutiny by both banking regulators and the Justice Department. Last August, 31 Republicans sent a similar letter to the Federal Deposit Insurance Corporation and the Department of Justice. The Federal Reserve has acknowledged receipt of the newest congressional letter and plans to respond.  

 
FHLB BORROWING UP, SIGNALING RISE IN MEMBER LENDING
The Federal Home Loan Banks (FHLB) System’s Office of Finance released a report indicating that member lending increased over 16 percent through 2013. FHLB advances, largely back by mortgages, provided liquidity for member organizations throughout the financial crisis but had remained fairly stagnant since 2009. At the close of 2013, FHLB members held $12.2 billion in retained earnings, almost double the 2009 levels.  

 
NEXT WEEK IN WASHINGTON
CFTC ROUNDTABLE CONCERNING END-USERS AND DODD-FRANK
THURSDAY, April 3, 2014
Time: TBA
Three Lafayette Centre, 1155 21st Street, N.W., Washington, DC

The U.S. Commodity Futures Trading Commission (CFTC) will hold a public roundtable to discuss issues concerning end-users and the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFTC has received a number of comments and requests for clarification from commercial end-users that have been impacted by Dodd-Frank.

The roundtable will consist of three panels, discussing:

1) Obligations of end-users under Regulation 1.35 concerning recordkeeping for commodity interest and related cash or forward transactions;

2) Appropriate regulatory treatment of forward contracts with embedded volumetric optionality; and

3) Appropriate regulatory treatment for purposes of the $25 million (special entity) de minimis threshold for swap dealing to government-owned electric utilities.

The discussion will be open to the public with seating on a first-come, first-served basis. Members of the public may also listen by telephone and should be prepared to provide their first name, last name and affiliation. The time of the meeting, call-in numbers and agenda will be forthcoming.

 
SEC INVESTOR ADVISORY COMMITTEE MEETING
THURSDAY, April 10, 2014
10:00 a.m. - 4:00 p.m. (EST)
Securities and Exchange Commission's Headquarters Multi-Purpose Room, Washington, DC
Contact: DonleyO@SEC.GOV
 
 
OCC BANK DIRECTOR WORKSHOP
MONDAY, April 28, 2014 – WEDNESDAY, April 30, 2014
Embassy Suites Baltimore-Inner Harbor, Baltimore, MD
Three-day workshop designed exclusively for directors of institutions supervised by the Office of the Comptroller of the Currency. The workshop will provide practical information on the roles and responsibilities of a community bank director.
 
 
TREASURY BUDGET HEARING
WEDNESDAY, April 2, 2014
10:00 a.m. (EST)
House Appropriations Subcommittee on Financial Services & General Government
2359 Rayburn House Office Building
A webcast of the hearing will be available on the House Appropriations Committee website.  

 
PUBLIC HOUSING OVERSIGHT HEARING
WEDNESDAY, April 2, 2014
2:00 p.m. (EST)
House Appropriations Subcommittee on Transportation, Housing & Urban Development
2358-A Rayburn House Office Building
A webcast of the hearing will be available on the House Appropriations Committee website.
 

SFIG COMMITTEES AND TASK FORCES

SFIG has a number of Committees and Task Forces meeting and working on many topics of interest to the securitization industry. Please email us for more information, including how to join.

SFIG is pleased to share this edition of its newsletter with our members, as well as our supporters in the structured finance community. To ensure that you receive future editions of the newsletter, please visit our website or email us to learn more about membership opportunities.

Contact Information

Richard Johns Executive Director

Kristi Leo Investor Relations

Sonny Abbasi Director of MBS Policy

Sairah Burki Director of ABS Policy

Michael Flood Director of Advocacy

Mary Robinson Senior Policy Analyst

Alyssa Acevedo Policy Analyst

Amanda Bateman Policy Analyst

Jennifer Serpas Office Manager

Allison Creswell Executive Administration


1775 Pennsylvania Ave. NW
Suite 625
Washington, DC 20006

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