SEC rule on broker-dealers must be equivalent to the EU Directive on Financial Conglomerates, says SIA
The Securities Industry Association (SIA) has urged the Securities and Exchange Commission (SEC) and the US Department of Treasury to ensure that the proposed rule on the Alternative Net Capital Requirements for Broker-Dealers that are part of Consolidated Supervised Entities (CSE) is recognised as the equivalent of the EU Directive on Financial Conglomerates.
The SIA said that while potentially reducing regulatory capital requirements, [the SEC] proposal would require group-wide adherence to rigorous risk management practices and introduce commission supervision of such practices, thereby reinforcing the
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