American Bankers Assoc. asks SEC: Do you know what you’re doing?
The industry group disagrees severely with regulators’ interpretation of the Financial Data Transparency Act, hinting at possible legal action in a recently published comment letter.
In a public comment letter on potential rules proposed last month by nine US regulators, the American Bankers Association (ABA) came out swinging at the agencies’ suggestion to replace the Cusip and Isin identifiers with the FIGI for reporting financial transactions and holdings.
The letter asserts that the various agencies—which include the Securities and Exchange Commission (SEC), the Federal Reserve and the Commodity and Futures Trading Commission—have acted “arbitrarily and capriciously”
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