Securities Industry and Financial Markets Association (SIFMA)


Situation

SIFMA is one of the largest banking and financial services associations in Washington, D.C. SIFMA represents hundreds of securities firms, banks and asset managers. SIFMA has offices in New York City and Washington, D.C., and close associate relationships with sister trade associations in Europe. Prime Policy Group has represented companies and associations in the financial services industry for 15 years.


Strategy & Implementation

SIFMA has faced a series of major challenges over the past several years. This has included consideration, enactment and implementation of the so-called Sarbanes/Oxley law which sought to bring about more transparency and corporate accountability to the publicly traded companies including banks and financial services companies. Since the financial collapse of several major banking firms in 2008-09 and the Great Recession, the Dodd/Frank legislation and its regulatory regime created hundreds of new regulations which SIFMA has actively managed. Recently, SIFMA has also had to respond to the new FATCA (Foreign Account Tax Compliance Act) banking law and regulation which seeks to penalize foreign and domestic banking institutions around the world if greater disclosure and transparency requirements are not implemented to prevent the sheltering of U.S. citizen income abroad. SIFMA has also sought our assistance in fighting the imposition of FTTs (Financial Transactions Taxes) imposed by several European nations. An FTT is being considered by the entire EU for implementation later this year.


Results

Prime Policy Group has helped SIFMA evaluate these varied and complex policy issues, construct strategic responses and execute meaningful campaigns to mitigate or resolve the matters. These issues are multifaceted and have included direct lobbying and Congressional policy making; regulatory comment to various departments and agencies; and internal and public messaging including communications for both shareholders and public media campaigns.

Prime has represented numerous financial clients with interests before the SEC, Treasury and other regulators; as well as the Financial Services Committees of the Congress. Rather than provide a written record of those activities, we would be pleased to discuss these experiences in detail with you and your colleagues in person.