The Securities Industry and Financial Markets Association, the industry’s main lobbying group, is preparing a strategy to explain why removing guarantees from U.S. banks’ overseas trading is a lawful response to the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, and not an attempt to exploit a loophole, Bloomberg reports.
SIFMA, which represents many large U.S. swap-dealers, including JPMorgan Chase &Co. and Morgan Stanley, says in a two-page memo, which has not been release publicly, that the new practice “allows non-U.S. affiliates to compete on a level playing field with their foreign counterparts,” according to Bloomberg.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
