ISITC, the industry trade group focused on standards in transaction processing and related communications, announced the launch of a new Regulatory Working Group.
The goal of the new ISITC group is to increase constituents’ understanding of new regulations and partner with regulators and other industry standards organizations to define best practices. The Regulatory Working Group, which is comprised of investment managers, vendors, custodians and broker-dealers, is focused on analyzing and establishing best practices in support of new regulatory policies, such as Dodd-Frank. The working group will also partner with and deliver ISITC guidance to regulators to facilitate implementation. The co-executive sponsors of the Regulatory Working Group are Karla McKenna, director of market practice and standards at Citi, and Tom Brown, associate partner at Brook Path Partners, Inc.
“The Regulatory Working Group’s primary focus is to keep a pulse on the rules as they are written and apply them to ISITC best practices,” said Tom Brown. “Because of widespread regulatory change, we needed a community in which global financial services constituents can participate and contribute to the recommendations regarding the implementation of these mandates. The ISITC Regulatory Working Group is a true forum that will significantly enable market participants to understand and respond to regulation.” Regulatory bodies such as the U.S. Treasury Office of Financial Research (OFR), SEC and CFTC have formed subcommittees to align global implementation requirements for legal entity identification tied to the analysis of systemic risk. These new policies may impact ISITC constituents; as a result, ISITC has formed the Working Group to define best practices around new regulatory mandates. “There is no better way to produce solutions to industry challenges than by taking part in lively and collaborative discussions that will influence change. This is the role of our Working Groups, each of which takes on a specific and vital issue,” comments Jan Ellis Snitzer, Chair of ISITC and Vice President at Loomis, Sayles & Co. “The launch of our Regulatory Working Group is an important and exciting step towards ensuring we are prepared for regulatory change.”