The Financial Services Roundtable (FSR) applauded the House Intelligence Committee today on their passage of a cybersecurity information sharing bill that will encourage the sharing of critical cyber threat information to protect consumers and our nation’s financial infrastructure. FSR urges both the House and Senate to continue moving forward with their legislative efforts and quickly pass a strong and bipartisan information sharing bill
In remarks before a SIFMA conference on March 17, SEC Chair Mary Jo White officially announced her support for a uniform fiduciary rulemaking for broker-dealers and registered investment advisers that provide individualized advice concerning investments in securities. Section 913 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 authorized the SEC to exercise its discretion in determining whether to pursue rulemaking to implement a uniform standard of care (often referred to as a fiduciary duty).
FSOC and its member-agencies should act independently of non-US regulators and in accordance with U.S. law in any assessment of whether a particular nonbank financial company that has been designated a global SIFI actually poses systemic risk to U.S. financial stability, FSR urged in a letter released today.