ISITC (The International Securities Association for Institutional Trade Communication) has launched a new Regulatory Working Group to educate constituents on new regulations and partner with regulators and other industry standards organizations to define best practices.
Regulatory Working Group members include investment managers, vendors, custodians and broker-dealers. The group will focus on analyzing and establishing best practices in support of new regulations, such as Dodd-Frank. The group will also partner with and deliver ISITC guidance to regulators to facilitate prudent implementation.
Co-executive sponsors of the Regulatory Working Group are Karla McKenna, director of Market Practice and Standards at Citi, and Tom Brown, associate partner at Brook Path Partners, Inc.
The Regulatory Working Groups primary focus is to keep a pulse on the rules as they are written and apply them to ISITC best practices, Brown says. Because of widespread regulatory change, we needed a community in which global financial services constituents can participate and contribute to the recommendations regarding the implementation of these mandates. The ISITC Regulatory Working Group is a true forum that will significantly enable market participants to understand and respond to regulation.
The creation of the working group was sparked in particular by the subcommittees formed at the U.S. Treasury Office of Financial Research (OFR), Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to align global implementation requirements for legal entity identification (LEI) tied to the analysis of systemic risk. Because ISITC constituents may be impacted by LEIs, the working group will help to define best practices around these and other new regulatory mandates.
There is no better way to produce solutions to industry challenges than by taking part in lively and collaborative discussions that will influence change, says Jan Ellis Snitzer, chair of ISITC and vice president at Loomis, Sayles & Co. This is the role of our working groups, each of which takes on a specific and vital issue. The launch of our Regulatory Working Group is an important and exciting step towards ensuring we are prepared for regulatory change.
(CG)