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RBDA Position on Securities Industry Regulatory Reform
The RBDA supports comprehensive financial regulatory reform, including an end to the taxpayer bailout of institutions viewed as being "too big to fail." Meaningful regulatory reform, however, must address the risky activities and behavior that contributed to the financial crisis, and must not provide special regulatory treatment for specific entities deemed to pose a systemic risk to the economy based on the size of such entities.
- The RBDA is concerned about taxpayer funded backstops for failing securities dealers and banks
- A regulatory framework that provides a government backstop for specified firms creates a moral hazard and competitive advantage for any firm labeled “Too Big To Fail”
- Meaningful reform must address excessive leverage and inadequate transaction transparency
- Regional securities dealers operate in fundamentally different ways than global banks and investment banks and did not engage in the types of activities that contributed to the financial crisis
- Thus, as global firms contracted activities, regional securities dealers were able to provide an increased amount of liquidity to the capital markets during the credit crisis
RBDA Op-Ed on Regulatory Reform and Too Big To Fail
Full Policy Brief on Regulatory Reform and Too Big To Fail
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| RBDA Hosted, Co-Hosted and Sponsored Events in 2010: |
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Raymond James Legal & Compliance Roundtable
January 14-15
St. Petersburg, FL
RBDA Sponsoring the Fixed Income Program |
National Municipal Bond Summit
March 17-19
Doral Resort, Miami, FL
Co-hosted by The Bond Buyer and RBDA |
Municipal Market Compliance Roundtables
May in St. Louis
September in Dallas
Co-hosted by the MSRB and RBDA |
National Fixed Income Conference
RBDA Annual Conference
September 23-24
Four Seasons Las Colinas, Dallas, TX |
Roundtables for Institutional and Retail Fixed Income Leadership
Dates and Locations TBD |
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| For more information on these events please contact Mike Nicholas at 202.509.9515 or mnicholas@regionalbonddealers.com. |
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RBDA Comments on Proposed Financial Crisis Responsibility Fee
January 14, 2010—RBDA Chief Executive Officer Mike Nicholas issued the following statement in response to the Obama Administration’s proposal to impose a special levy on approximately 50 large financial firms.
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Press Release:
RBDA Calls For Preventing Financial Firms From Becoming “Too Big To Fail”; Says Regulatory Reform Is Critical
December 15, 2009—In a policy brief sent to Capital Hill, the Regional Bond Dealers Association called for comprehensive financial regulatory reform, including ending taxpayer funded bailouts of financial institutions viewed as “too big to fail.”
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| Securities Industry Regulatory Reform and the Perils of "Too Big to Fail"
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| The RBDA sent a letter to Representatives Barney Frank and Spencer Bachus strongly encouraging support for legislation to regulate, at the federal level, currently unregulated municipal financial advisors. This in response to an amendment filed this week which would have watered down the legislation by simply requiring regulation at the state level. The amendment was not included in the final manager’s amendment to the legislation. The RBDA letter can be found here. |
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RBDA Retains Nixon Peabody; Partnership with Law Firm to Enhance Association’s Advocacy Efforts
October 28, 2009
The Regional Bond Dealers Association announced today it has retained the services of Nixon Peabody, a globally recognized law firm with extensive experience in taxable, as well as tax-exempt, securities issues. Nixon Peabody will partner with the RBDA in numerous areas, including developing legislative and regulatory strategy and proposals.
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