SIFMA Statement on FSOC proposal for designation of non-bank financial companies as SIFIs

11 October 2011

Kenneth E Bentsen Jr, executive vice president, said that “today's proposal is another step towards strengthening the safety, soundness, and resiliency of financial institutions and for improving the government's capacity to monitor and reduce systemic risk".

Kenneth E Bentsen, Jr, executive vice president, public policy and advocacy, following the release by the Financial Stability Oversight Council (FSOC) of their designation criteria for non-bank financial companies to be identified as systemically important financial institutions (SIFIs), said: “Importantly, we are pleased the FSOC is taking a serious and thoughtful approach by re-proposing this rulemaking, seeking further comment on a very complex process. As stated in our November 2010 comment letter to the FSOC, we believe that the designation process for non-bank financial companies should feature both quantitative and qualitative measures in equal weight across the industry. We look forward to continuing to work with the FSOC on refining this designation process along the lines of the principles SIFMA laid out in its letter.”

Press release

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