SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION INC: Form 990, tax year 2021
View the entire original 990 at ProPublica ↗
- Organization
- SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION INC (EIN 32-0178959)
- Tax period
- 2021-11-01 to 2022-10-31
- Filed
- 2023-08-31
- IRS object ID
- 202302439349300415
- Schema version
- 2021v4.2
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2023-08-31T08:44:57-05:00 | ReturnTs |
| Tax Period End | 2022-10-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 366055558 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | GRANT THORNTON LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 757 THIRD AVENUE 3RD FLOOR | AddressLine1Txt |
| City | NEW YORK | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 100172013 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2021-11-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 320178959 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | SECURITIES INDUSTRY AND FINANCIAL | BusinessNameLine1Txt |
| Business Name Line2 | MARKETS ASSOCIATION | BusinessNameLine2Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | SECU | BusinessNameControlTxt |
| Phone | 2123131371 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 140 BROADWAY 35TH FLOOR | AddressLine1Txt |
| City | NEW YORK | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 10005 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | DAVID KRASNER | PersonNm |
| Person Title | CFO & CAO | PersonTitleTxt |
| Phone | 2123131371 | PhoneNum |
| Signature | 2023-08-31 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Signing Officer SigningOfficerGrp
Person Full Name PersonFullName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person First | DAVID | PersonFirstNm |
| Person Last | KRASNER | PersonLastNm |
| Field | Value | IRS element (for citing) |
|---|---|---|
| SSN | XXX-XX-XXXX | SSN |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | DANIEL ROMANO | PreparerPersonNm |
| PTIN | P00504182 | PTIN |
| Phone | 2125990100 | PhoneNum |
Additional Filer Information AdditionalFilerInformation
Trusted Customer TrustedCustomerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Trusted Customer | 3 | TrustedCustomerCd |
| Authentication Assurance Level | AAL1 | AuthenticationAssuranceLevelCd |
| Identity Assurance Level | IAL1 | IdentityAssuranceLevelCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2021 | TaxYr |
| Build TS | 2023-04-26 12:10:37Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | KENNETH E BENTSEN JR | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 140 BROADWAY 35TH FLOOR | AddressLine1Txt |
| City | NEW YORK | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 10005 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $54,768,620 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.SIFMA.ORG | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 2006 | FormationYr |
| Legal Domicile State | DE | LegalDomicileStateCd |
| Activity Or Mission | SIFMA IS THE LEADING TRADE ASSOCIATION FOR BROKER-DEALERS, INVESTMENT BANKS (CONT. ON SCH. O) AND ASSET MANAGERS OPERATING IN THE U.S. AND GLOBAL CAPITAL MARKETS. | ActivityOrMissionDesc |
| Voting Members Governing Body | 48 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 47 | VotingMembersIndependentCnt |
| Total Employee | 139 | TotalEmployeeCnt |
| Total Volunteers | 17287 | TotalVolunteersCnt |
| Total Gross UBI | $260,332 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $127,922 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $46,783,222 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $53,640,701 | CYProgramServiceRevenueAmt |
| PY Investment Income | $215,742 | PYInvestmentIncomeAmt |
| CY Investment Income | $378,686 | CYInvestmentIncomeAmt |
| PY Other Revenue | $658,217 | PYOtherRevenueAmt |
| CY Other Revenue | $749,233 | CYOtherRevenueAmt |
| PY Total Revenue | $47,657,181 | PYTotalRevenueAmt |
| CY Total Revenue | $54,768,620 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $193,519 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $209,229 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $34,688,229 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $35,342,397 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $14,408,725 | PYOtherExpensesAmt |
| CY Other Expenses | $17,803,327 | CYOtherExpensesAmt |
| PY Total Expenses | $49,290,473 | PYTotalExpensesAmt |
| CY Total Expenses | $53,354,953 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | -$1,633,292 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $1,413,667 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $42,827,387 | TotalAssetsBOYAmt |
| Total Assets EOY | $45,548,628 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $24,933,317 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $25,752,434 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $17,894,070 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $19,796,194 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | SEE SCHEDULE OSIFMA IS THE LEADING TRADE ASSOCIATION FOR BROKER-DEALERS, INVESTMENT BANKS AND ASSET MANAGERS OPERATING IN THE U.S. AND GLOBAL CAPITAL MARKETS. ON BEHALF OF OUR INDUSTRY'S ONE MILLION EMPLOYEES, WE ADVOCATE ON LEGISLATION, REGULATION AND BUSINESS POLICY AFFECTING RETAIL AND INSTITUTIONAL INVESTORS, EQUITY AND FIXED INCOME MARKETS AND RELATED PRODUCTS AND SERVICES. WE SERVE AS AN INDUSTRY COORDINATING BODY TO PROMOTE FAIR AND ORDERLY MARKETS, INFORMED REGULATORY COMPLIANCE, AND EFFICIENT MARKET OPERATIONS AND RESILIENCY. WE ALSO PROVIDE A FORUM FOR INDUSTRY POLICY AND PROFESSIONAL DEVELOPMENT. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Desc | SEE SCHEDULE O | Desc |
Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | SEE SCHEDULE O | Desc |
Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | SEE SCHEDULE O | Desc |
Prog Srvc Accom Acty Other ProgSrvcAccomActyOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | CONTINUED SERVING AS A SOURCE OF MARKET INFORMATION, INCLUDING STATISTICS ON MANY FACETS OF THE MARKET PLACE AND PUBLISHING RESEARCH REPORTS, TRADE NEWSLETTERS AND OTHER PERIODICALS AND BOOKS. | Desc |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | Yes (1) | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | Yes (1) | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | Yes (1) | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | 0 | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | Yes (1) | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | 0 | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 102 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 139 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | Yes (1) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (1) | Form990TFiledInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | Yes (1) | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 48 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 47 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | 0 | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | Yes (1) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | NAM KIM | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 2123131371 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 140 BROADWAY 35TH FLOOR | AddressLine1Txt |
| City | NEW YORK | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 10005 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (61 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|---|
| KENNETH E BENTSEN JR | ||||||||
| PRESIDENT & CEO | 40.00 | 0.00 | Yes (X) | Yes (X) | $2,593,558 | $0 | $72,249 | |
| JOSEPH SEIDEL | ||||||||
| COO | 40.00 | 0.00 | Yes (X) | $1,166,978 | $0 | $79,560 | ||
| IRA D HAMMERMAN - EVP | ||||||||
| & GENERAL COUNSEL (THRU 12/2022) | 40.00 | 0.00 | Yes (X) | $992,138 | $0 | $71,169 | ||
| DAVID B KRASNER | ||||||||
| CFO & CAO | 40.00 | 0.00 | Yes (X) | $708,399 | $0 | $81,956 | ||
| TIMOTHY W CAMERON | ||||||||
| MANAGING DIRECTOR (THRU 01/2022) | 40.00 | 0.00 | $632,762 | $0 | $71,361 | Yes (X) | ||
| JAMIE WALL - EXECUTIVE | ||||||||
| VICE PRESIDENT (THRU 09/2022) | 40.00 | 0.00 | Yes (X) | $653,006 | $0 | $36,292 | ||
| CHERYL L CRISPEN | ||||||||
| EXECUTIVE VICE PRESIDENT | 40.00 | 0.00 | Yes (X) | $600,130 | $0 | $63,269 | ||
| MARK SCHUERMANN | ||||||||
| MANAGING DIRECTOR (THRU 04/2022) | 40.00 | 0.00 | $584,040 | $0 | $49,859 | Yes (X) | ||
| ROBERT TOOMEY | ||||||||
| MANAGING DIRECTOR | 40.00 | 0.00 | $542,166 | $0 | $83,105 | Yes (X) | ||
| CARTER K MCDOWELL | ||||||||
| MANAGING DIRECTOR | 40.00 | 0.00 | $505,676 | $0 | $65,478 | Yes (X) | ||
| KEVIN CARROLL | ||||||||
| MANAGING DIRECTOR | 40.00 | 0.00 | $493,637 | $0 | $36,313 | Yes (X) | ||
| SALVATORE CHIARELLI | ||||||||
| EXECUTIVE VICE PRESIDENT | 40.00 | 0.00 | Yes (X) | $393,526 | $0 | $68,176 | ||
| JIM REYNOLDS | ||||||||
| CHAIR | 2.00 | 0.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | |
| KENNETH CELLA | ||||||||
| CHAIR ELECT | 2.00 | 0.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | |
| LAURA CHEPUCAVAGE | ||||||||
| VICE CHAIR | 2.00 | 0.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | |
| JAMES WALLIN | ||||||||
| TREASURER | 2.00 | 0.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | |
| KEVIN BAILEY | ||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| DALIA BLASS | ||||||||
| DIRECTOR (AS OF 10/2022) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| LIBBY CANTRILL | ||||||||
| DIRECTOR (AS OF 10/2022) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| MICHAEL DURBIN | ||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| MATTHEW ENYEDI | ||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| MEGAN FLAHERTY | ||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| SOL GINDI | ||||||||
| DIRECTOR (AS OF 10/2022) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| GARY HALL | ||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| ROBERT HAWLEY | ||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| JEB HENSARLING | ||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| LISA KIDD HUNT | ||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| GARY KANE | ||||||||
| DIRECTOR (AS OF 11/2021) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| JIM KERR | ||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| MICHAEL KISBER | ||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| ANDREW KOMAROFF | ||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| RONALD KRUSZEWSKI | ||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| DAVID LEFKOWITZ | ||||||||
| DIRECTOR (AS OF 07/2022) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| CHARLOTTE MCLAUGHLIN | ||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| THOMAS MERCHANT | ||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| CRAIG MESSINGER | ||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| JOE NADREAU | ||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| THOMAS PLUTA | ||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| ROBERT POPOWSKI | ||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| DOUGLAS PREISER | ||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| JAMIE PRICE | ||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| SHAWN QUANT | ||||||||
| DIRECTOR (AS OF 10/2022) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| SAMUEL RAMIREZ JR | ||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| PAUL REILLY | ||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| BRENDAN REILLY | ||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| JOHN FW ROGERS | ||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| JEFFREY ROSEN | ||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| CLAIRE SANTANIELLO | ||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| ANDY SAPERSTEIN | ||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| PETER SCHNEIDER | ||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| DEB SCHONEMAN | ||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| KABIR SETHI | ||||||||
| DIRECTOR (AS OF 10/2022) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| NOMITA CHOPRA SINGH | ||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| MARK STEFFENSEN | ||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| JOSEPH E SWEENEY | ||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| JOHN TAFT | ||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| RYAN TAYLOR | ||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| JOHN VACCARO | ||||||||
| DIRECTOR (AS OF 10/2022) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| KASHIF ZAFAR | ||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| SAIMA AHMED - EVP | ||||||||
| & GENERAL COUNSEL (AS OF 10/2022) | 40.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| JOSH WILSUSSEN - EXECUTIVE | ||||||||
| VICE PRESIDENT (AS OF 10/2022) | 40.00 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $9,866,016 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $778,787 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 70 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| WASHINGTON COUN ERNST & YOUNG LLP | |||||
| PO BOX 640382 | PITTSBURGH | PA | 152640382 | CONSULTING | $882,541 |
| HILLTOP PUBLIC SOLUTIONS LLC | |||||
| 3000 K STREET NW SUITE 320 | WASHINGTON | DC | 20007 | CONSULTING | $390,000 |
| COVINGTON & BURLING LLP | |||||
| ONE CITYCENTER 850 TENTH ST NW | WASHINGTON | DC | 20001 | LEGAL | $332,684 |
| SIDLEY AUSTIN LLP | |||||
| 1 S DEARBORN FL 12 | CHICAGO | IL | 60603 | LEGAL | $285,791 |
| ELMENDORF RYAN LLC | |||||
| 1201 NEW YORK AVE NW STE 900 | WASHINGTON | DC | 20005 | CONSULTING | $180,000 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 10 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (3 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| MEMBER DUES | 541900 | $40,472,762 | $40,472,762 | |
| CONFERENCES | 541900 | $13,061,490 | $13,061,490 | |
| PUBLICATION SALES | 900099 | $106,449 | $100,149 | $6,300 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $53,640,701 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $378,686 | TotalRevenueColumnAmt |
| Exclusion | $378,686 | ExclusionAmt |
Royalties Revenue RoyaltiesRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $254,788 | TotalRevenueColumnAmt |
| Unrelated Business Revenue | $254,032 | UnrelatedBusinessRevenueAmt |
| Exclusion | $756 | ExclusionAmt |
Other Revenue Misc OtherRevenueMiscGrp (2 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | ExclusionExclusionAmt |
|---|---|---|---|
| SHARED SERVICE AGREEMENTS | 561000 | $423,676 | $423,676 |
| MISCELLANEOUS REVENUE | 900099 | $70,769 | $70,769 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $494,445 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $54,768,620 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $53,634,401 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $260,332 | UnrelatedBusinessRevenueAmt |
| Exclusion | $873,887 | ExclusionAmt |
Grants To Domestic Orgs GrantsToDomesticOrgsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $209,229 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $7,845,685 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $21,899,335 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,794,538 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,413,986 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,388,853 | TotalAmt |
Fees For Services Management FeesForServicesManagementGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $46,608 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,464,108 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $142,373 | TotalAmt |
Fees For Services Lobbying FeesForServicesLobbyingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $567,784 | TotalAmt |
Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $12,458 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,433,405 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $557,418 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $725,369 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,491,582 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $704,584 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $5,717,116 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,425,155 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| SUBSCRIPTION AND BOOKS | $645,911 |
| UBTI/EXCISE TAX EXPENSE | $344,185 |
| BANK CHARGES & CC FEES | $229,854 |
| DUES & REGISTRATION | $174,528 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $120,889 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $53,354,953 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,859,342 | BOYAmt |
| EOY | $1,647,486 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $16,880,911 | BOYAmt |
| EOY | $18,370,622 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $65,417 | BOYAmt |
| EOY | $75,210 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,500,195 | BOYAmt |
| EOY | $2,833,152 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $9,785,808 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $2,066,852 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,019,514 | BOYAmt |
| EOY | $7,718,956 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $14,203,814 | BOYAmt |
| EOY | $12,864,205 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,298,194 | BOYAmt |
| EOY | $2,038,997 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $42,827,387 | BOYAmt |
| EOY | $45,548,628 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $10,143,524 | BOYAmt |
| EOY | $10,661,377 | EOYAmt |
Deferred Revenue DeferredRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,160,888 | BOYAmt |
| EOY | $2,845,067 | EOYAmt |
Escrow Account Liability EscrowAccountLiabilityGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $276,532 | BOYAmt |
| EOY | $126,543 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $11,352,373 | BOYAmt |
| EOY | $12,119,447 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $24,933,317 | BOYAmt |
| EOY | $25,752,434 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Organization Follows FASB117 | Yes (X) | OrganizationFollowsFASB117Ind |
No Donor Restriction Net Assets NoDonorRestrictionNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $17,894,070 | BOYAmt |
| EOY | $19,796,194 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $17,894,070 | BOYAmt |
| EOY | $19,796,194 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $42,827,387 | BOYAmt |
| EOY | $45,548,628 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $1,413,667 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | -$1,506,820 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | $1,995,277 | OtherChangesInNetAssetsAmt |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Separate Basis Fincl Stmt | Yes (X) | SeparateBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (1) | AuditCommitteeInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule C IRS990ScheduleC
| Field | Value | IRS element (for citing) |
|---|---|---|
| Substantially All Dues Nonded | 0 | SubstantiallyAllDuesNondedInd |
| Only In House Lobbying | 0 | OnlyInHouseLobbyingInd |
| Agree Carryover Prior Year | Yes (1) | AgreeCarryoverPriorYearInd |
| Dues Assessments | $40,472,762 | DuesAssessmentsAmt |
| Non Deductible Lbbyng Pltcl CY | $6,520,000 | NonDeductibleLbbyngPltclCYAmt |
| Non Ded Lbbyng Pltcl Cyov | $1,196,087 | NonDedLbbyngPltclCyovAmt |
| Non Deductible Lbbyng Pltcl Tot | $7,716,087 | NonDeductibleLbbyngPltclTotAmt |
| Aggregate Reported Dues Ntc | $7,285,097 | AggregateReportedDuesNtcAmt |
| Carried Over | $430,990 | CarriedOverAmt |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Agent Trustee Etc | 0 | AgentTrusteeEtcInd |
| Incl Escrow Custodial Acct Liab | Yes (1) | InclEscrowCustodialAcctLiabInd |
| Explanation Provided | Yes (X) | ExplanationProvidedInd |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $6,199,173 | OtherCostOrOtherBasisAmt |
| Depreciation | $613,890 | DepreciationAmt |
| Book Value | $5,585,283 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $3,586,635 | OtherCostOrOtherBasisAmt |
| Depreciation | $1,452,962 | DepreciationAmt |
| Book Value | $2,133,673 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $7,718,956 | TotalBookValueLandBuildingsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (2 entries)
| DescDesc | AmtAmt |
|---|---|
| EMPLOYEE BENEFITS PAYABLE | $4,390,063 |
| DEFERRED RENT & CONSTRUCTION ALLOWANCES | $7,729,384 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $12,119,447 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $53,261,800 | TotalRevEtcAuditedFinclStmtAmt |
| Net Unrealized Gains Invst | -$1,506,820 | NetUnrealizedGainsInvstAmt |
| Revenue Not Reported | -$1,506,820 | RevenueNotReportedAmt |
| Revenue Subtotal | $54,768,620 | RevenueSubtotalAmt |
| Revenue Not Reported Fincl Stmt | $0 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $54,768,620 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $51,359,676 | TotExpnsEtcAuditedFinclStmtAmt |
| Other Expenses Included | -$1,995,277 | OtherExpensesIncludedAmt |
| Expenses Not Reported | -$1,995,277 | ExpensesNotReportedAmt |
| Expenses Subtotal | $53,354,953 | ExpensesSubtotalAmt |
| Expenses Not Rpt Fincl Stmt | $0 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $53,354,953 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail (3 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART IV, LINE 2B: | CUSTODIAL ARRANGEMENTS IN ORDER TO FINANCE CERTAIN MEMBER DRIVEN PROJECTS THAT ARE BEYOND SIFMA'S OPERATING BUDGET RESOURCES AND WHICH IMPACT ONLY A SUBSET OF MEMBERS, SIFMA SYNDICATES OUT SUCH PROJECT COSTS TO PARTICIPATING MEMBER FIRMS. THIRD-PARTY PROJECT COSTS (AND ASSOCIATED MEMBER REIMBURSEMENTS) ARE INCLUDED IN SIFMA'S BALANCE SHEET. IN 2022, THE SYNDICATED FUNDS COLLECTED FROM MEMBERS AND DISBURSED FOR SUCH SPECIAL PROJECTS TOTALED $1,564,308 AND $1,714,297 RESPECTIVELY. |
| PART X, LINE 2: | FIN 48 THE ASSOCIATION FOLLOWS GUIDANCE THAT CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, INCLUDING ISSUES RELATING TO FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT. THIS GUIDANCE PROVIDES THAT THE TAX EFFECTS FROM AN UNCERTAIN TAX POSITION CAN ONLY BE RECOGNIZED IN THE FINANCIAL STATEMENTS IF THE POSITION IS "MORE-LIKELY-THAN-NOT" TO BE SUSTAINED IF THE POSITION WERE TO BE CHALLENGED BY A TAXING AUTHORITY. THE ASSESSMENT OF THE TAX POSITION IS BASED SOLELY ON THE TECHNICAL MERITS OF THE POSITION, WITHOUT REGARD TO THE LIKELIHOOD THAT THE TAX POSITION MAY BE CHALLENGED. THE ASSOCIATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(6) OF THE INTERNAL REVENUE CODE, THOUGH IT IS SUBJECT TO TAX ON INCOME UNRELATED TO ITS EXEMPT PURPOSE, UNLESS THAT INCOME IS OTHERWISE EXCLUDED BY THE CODE. THE ASSOCIATION HAS PROCESSES PRESENTLY IN PLACE TO ENSURE THE MAINTENANCE OF ITS TAX-EXEMPT STATUS; TO IDENTIFY AND REPORT UNRELATED INCOME; TO DETERMINE ITS FILING AND TAX OBLIGATIONS IN JURISDICTIONS FOR WHICH IT HAS NEXUS; AND TO IDENTIFY AND EVALUATE OTHER MATTERS THAT MAY BE CONSIDERED TAX POSITIONS. THE ASSOCIATION HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. |
| PART XII, LINE 2D - OTHER ADJUSTMENTS: | NET PERIODIC POST RETIREMENT BENEFIT COST -1,995,277. |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Records Maintained | Yes (1) | GrantRecordsMaintainedInd |
Recipient Table RecipientTable (11 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | Recipient EINRecipientEIN | IRC SectionIRCSectionDesc | Cash GrantCashGrantAmt | Non Cash AssistanceNonCashAssistanceAmt | Purpose Of GrantPurposeOfGrantTxt |
|---|---|---|---|---|---|---|---|---|
| CENTER FORWARD | ||||||||
| 1214A INGLESIDE AVENUE | MCLEAN | VA | 22101 | 272429741 | 501(C)(4) | $30,000 | $0 | PROGRAM SUPPORT |
| COMMITTEE ON CAPITAL MARKETS REGULATION INC | ||||||||
| 134 MOUNT AUBURN STREET | CAMBRIDGE | MA | 02138 | 300406260 | 501(C)(3) | $50,000 | $0 | PROGRAM SUPPORT |
| FORMER MEMBERS OF CONGRESS INC | ||||||||
| 1401 K STREET NW SUITE 901 | WASHINGTON | DC | 20005 | 540883744 | 501(C)(3) | $8,000 | $0 | PROGRAM SUPPORT |
| HERITAGE ACTION FOR AMERICA | ||||||||
| 214 MASSACHUSETTS AVENUE NE | WASHINGTON | DC | 20002 | 272244700 | 501(C)(4) | $25,000 | $0 | PROGRAM SUPPORT |
| NATIONAL ADULT PROTECTIVE SERVICES ASSOCIATION | ||||||||
| 1612 K STREET NW SUITE 200 | WASHINGTON | DC | 20090 | 300044497 | 501(C)(3) | $18,000 | $0 | PROGRAM SUPPORT |
| NCSL FOUNDATION FOR STATE LEGISLATURES | ||||||||
| 7700 EAST FIRST PLACE | DENVER | CO | 80230 | 742232576 | 501(C)(3) | $10,000 | $0 | PROGRAM SUPPORT |
| PHOENIX CHILDREN'S PROJECT | ||||||||
| 3219 E CAMELBACK ROAD 228 | PHOENIX | AZ | 85018 | 900137202 | 501(C)(3) | $8,900 | $0 | CONFERENCE SPONSOR FUNDED SUPPORT |
| PREVENT CANCER FOUNDATION | ||||||||
| 333 JOHN CARLYLE STREET SUITE 635 | ALEXANDRIA | VA | 22314 | 521429544 | 501(C)(3) | $10,000 | $0 | PROGRAM SUPPORT |
| PROGRAM ON INTERNATIONAL FINANCIAL SYSTEM INC | ||||||||
| 134 MOUNT AUBURN ST | CAMBRIDGE | MA | 02138 | 822586755 | 501(C)(3) | $7,500 | $0 | PROGRAM SUPPORT |
| SEC HISTORICAL SOCIETY | ||||||||
| 1101 PENNSYLVANIA AVENUE NW STE 300 | WASHINGTON | DC | 20004 | 522213646 | 501(C)(3) | $10,000 | $0 | PROGRAM SUPPORT |
| WASHINGTON TENNIS & EDUCATION FOUNDATION | ||||||||
| 16TH AND KENNEDY STREET NW | WASHINGTON | DC | 20011 | 526046504 | 501(C)(3) | $7,500 | $0 | PROGRAM SUPPORT |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total501c3 Org | 9 | Total501c3OrgCnt |
| Total Other Org | 2 | TotalOtherOrgCnt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 2: | FormAndLineReferenceDesc |
| Explanation | GRANT MONITORING SIFMA PROVIDES SUPPORT TO CHARITABLE ORGANIZATIONS TO HELP THOSE ORGANIZATIONS FURTHER THEIR EXEMPT PROGRAMS. SIFMA IS NOT A GRANT MAKING ORGANIZATION BUT WILL OCCASIONALLY AWARD A GRANT TO ORGANIZATIONS IN SUPPORT OF A PROJECT THAT ALIGNS ITSELF WITH SIFMA'S MISSION OF PROMOTING AND SUPPORTING A STRONG FINANCIAL INDUSTRY. SIFMA MAINTAINS IN ITS RECORDS THE ACKNOWLEDGMENT LETTER FROM THE RECIPIENT ORGANIZATION AND ANY FOLLOW UP REPORTS ON THE USE OF GRANT FUNDS. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| First Class Or Charter Travel | Yes (X) | FirstClassOrCharterTravelInd |
| Written Policy Ref T And E Expnss | Yes (1) | WrittenPolicyRefTAndEExpnssInd |
| Substantiation Required | Yes (1) | SubstantiationRequiredInd |
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Independent Consultant | Yes (X) | IndependentConsultantInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | 0 | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (12 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| KENNETH E BENTSEN JR | ||||||||||||||
| PRESIDENT & CEO | $1,488,014 | $0 | $1,100,000 | $0 | $5,544 | $0 | $34,800 | $0 | $37,449 | $0 | $2,665,807 | $0 | $0 | $0 |
| JOSEPH SEIDEL | ||||||||||||||
| COO | $687,622 | $0 | $475,000 | $0 | $4,356 | $0 | $34,800 | $0 | $44,760 | $0 | $1,246,538 | $0 | $0 | $0 |
| IRA D HAMMERMAN - EVP | ||||||||||||||
| & GENERAL COUNSEL (THRU 12/2022) | $579,094 | $0 | $407,500 | $0 | $5,544 | $0 | $34,800 | $0 | $36,369 | $0 | $1,063,307 | $0 | $0 | $0 |
| DAVID B KRASNER | ||||||||||||||
| CFO & CAO | $394,787 | $0 | $310,000 | $0 | $3,612 | $0 | $34,800 | $0 | $47,156 | $0 | $790,355 | $0 | $0 | $0 |
| TIMOTHY W CAMERON | ||||||||||||||
| MANAGING DIRECTOR (THRU 01/2022) | $432,094 | $0 | $190,000 | $0 | $10,668 | $0 | $34,800 | $0 | $36,561 | $0 | $704,123 | $0 | $0 | $0 |
| JAMIE WALL - EXECUTIVE | ||||||||||||||
| VICE PRESIDENT (THRU 09/2022) | $452,437 | $0 | $200,000 | $0 | $569 | $0 | $34,800 | $0 | $1,492 | $0 | $689,298 | $0 | $0 | $0 |
| CHERYL L CRISPEN | ||||||||||||||
| EXECUTIVE VICE PRESIDENT | $354,018 | $0 | $242,500 | $0 | $3,612 | $0 | $34,800 | $0 | $28,469 | $0 | $663,399 | $0 | $0 | $0 |
| MARK SCHUERMANN | ||||||||||||||
| MANAGING DIRECTOR (THRU 04/2022) | $461,202 | $0 | $120,000 | $0 | $2,838 | $0 | $34,800 | $0 | $15,059 | $0 | $633,899 | $0 | $0 | $0 |
| ROBERT TOOMEY | ||||||||||||||
| MANAGING DIRECTOR | $376,622 | $0 | $160,000 | $0 | $5,544 | $0 | $37,344 | $0 | $45,761 | $0 | $625,271 | $0 | $0 | $0 |
| CARTER K MCDOWELL | ||||||||||||||
| MANAGING DIRECTOR | $415,132 | $0 | $85,000 | $0 | $5,544 | $0 | $34,800 | $0 | $30,678 | $0 | $571,154 | $0 | $0 | $0 |
| KEVIN CARROLL | ||||||||||||||
| MANAGING DIRECTOR | $347,025 | $0 | $143,000 | $0 | $3,612 | $0 | $34,800 | $0 | $1,513 | $0 | $529,950 | $0 | $0 | $0 |
| SALVATORE CHIARELLI | ||||||||||||||
| EXECUTIVE VICE PRESIDENT | $226,594 | $0 | $165,000 | $0 | $1,932 | $0 | $34,800 | $0 | $33,376 | $0 | $461,702 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 1A | FormAndLineReferenceDesc |
| Explanation | FIRST-CLASS TRAVEL PER THE EMPLOYMENT CONTRACT, SIFMA PROVIDED FIRST CLASS AIR TRAVEL WHEN TRAVELING FOR SIFMA BUSINESS FOR KENNETH E. BENTSEN, JR., PRESIDENT AND CEO. THE FIRST-CLASS AIR TRAVEL WAS EXCLUDED FROM TAXABLE COMPENSATION ON THE INDIVIDUAL'S FORM W-2 BECAUSE IT WAS INCURRED FOR BUSINESS REASONS. | ExplanationTxt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (14 entries)
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| FORM 990, PART I, LINE 6: | VOLUNTEERS THE NUMBER OF VOLUNTEERS WAS DERIVED FROM SIFMA COMMITTEE PARTICIPANTS PER THE MEMBERSHIP DATABASE. |
| FORM 990, PART III, LINE 4A | STATEMENT OF PROGRAM SERVICE ACCOMPLISHMENTS CONTINUED DEVELOPMENT AND MAINTENANCE OF BEST PRACTICES THAT ARE CONDUCIVE TO EFFICIENT CONDUCT OF THE BUSINESS AND MEMBERS OF THE ORGANIZATION: BUSINESS CONTINUITY PLANNING: WWW.SIFMA.ORG/BCP FINANCIAL SERVICES IS A CRITICAL INFRASTRUCTURE SECTOR AS IDENTIFIED BY THE U.S. DEPARTMENT OF HOMELAND SECURITY. SIFMA AND ITS MEMBER FIRMS ARE DEDICATED TO PREPARING FOR THE RISK OF POTENTIAL DISRUPTIONS AT BOTH THE FIRM AND BROADER INDUSTRY LEVELS. SIFMA PLAYS A KEY ROLE IN COORDINATING THE INDUSTRY'S RESPONSE TO INCIDENTS THAT CAN INTERRUPT BUSINESS AND MARKET FUNCTIONS AND WORKS TO SUPPORT FIRM-LEVEL BCP PLANNING AS WELL. INDUSTRY-WIDE BUSINESS CONTINUITY TEST: WWW.SIFMA.ORG/BCP-TEST THE INDUSTRY-WIDE BUSINESS CONTINUITY TEST IS A CRITICAL EXERCISE THAT HIGHLIGHTS OUR INDUSTRY'S ABILITY TO OPERATE THROUGH A SIGNIFICANT EMERGENCY USING BACKUP SITES, RECOVERY FACILITIES AND BACKUP COMMUNICATIONS CAPABILITIES ACROSS THE INDUSTRY. THE TEST IS SUPPORTED BY ALL MAJOR EXCHANGES, MARKETS AND INDUSTRY UTILITIES. IT INVOLVES TEST TRANSACTIONS FOR COMMERCIAL PAPER, EQUITIES, OPTIONS, FUTURES, FIXED INCOME, SETTLEMENT, PAYMENTS, TREASURY AUCTIONS AND MARKET DATA. SIFMA ALSO FACILITATES A COORDINATED REG SCI TESTING PROGRAM WHICH IS COMPLETED IN PARALLEL WITH THE SIFMA INDUSTRY TEST. THE TEST OCCURS ON THE SAME DAY AS FUTURES MARKET TESTING COORDINATED BY THE FUTURES INDUSTRY ASSOCIATION (FIA), AND ON ALTERNATE YEARS WITH CANADIAN MARKET PARTICIPANT TEST THROUGH THE INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA (IIROC). EMERGENCY CRISIS MANAGEMENT COMMAND CENTER: WWW.SIFMA.ORG/EMERGENCY IN THE EVENT OF AN INDUSTRY-WIDE INCIDENT, SIFMA CONVENES MARKET PARTICIPANTS; ISSUES MARKET CLOSE RECOMMENDATIONS; AND COORDINATES WITH MARKET INFRASTRUCTURE PROVIDERS, REGULATORS AND EMERGENCY PERSONNEL INCLUDING THE U.S. DEPARTMENT OF THE TREASURY, U.S. DEPARTMENT OF HOMELAND SECURITY, NEW YORK CITY OFFICE OF EMERGENCY MANAGEMENT, LAW ENFORCEMENT AND OTHER OFFICIAL SECTOR PARTICIPANTS. SIFMA ORGANIZES MARKET RESPONSE COMMITTEES FOR THE FIXED INCOME AND EQUITY MARKETS TO DELIVER AN INDUSTRY PERSPECTIVE IN THE EVENT OF DISRUPTIONS TO MARKET INFRASTRUCTURE WHICH MAY MAKE UNSCHEDULED MARKET CLOSES OR CHANGES TO SETTLEMENT CONVENTION NECESSARY. THE COMMITTEES HAVE DEVELOPED PRINCIPLES AND OBJECTIVE DECISION-MAKING PROCESSES THAT RECOGNIZE THE SIGNIFICANT IMPROVEMENTS THE INDUSTRY HAS MADE WITH RESPECT TO BUSINESS CONTINUITY AND THE EXPECTATIONS OF REGULATORS. THESE PRINCIPLES ALSO REFLECT EXPECTATIONS FOR STRONG RESILIENCY PLANS OF CRITICAL FINANCIAL MARKET INFRASTRUCTURE AND FINANCIAL INSTITUTIONS. FOR FIXED INCOME, THE COMMITTEE HAS DEVELOPED PROCEDURES TO DETERMINE IF IT IS NECESSARY FOR SIFMA TO RECOMMEND AN UNSCHEDULED CLOSE IN U.S. FIXED INCOME MARKETS. CYBERSECURITY: WWW.SIFMA.ORG/CYBERSECURITY CYBERATTACKS HAVE BECOME MORE BOLD AND THE THREAT HIGHER. HOWEVER, INDUSTRY-WIDE EFFORTS OVER THE LAST DECADE HAVE ALSO EVOLVED AND GROWN TO BUILD EFFECTIVE CYBER DEFENSES. SIFMA IS ACTIVELY ENGAGED IN COORDINATING THE EFFORT TO SUPPORT A SAFE, SECURE INFORMATION INFRASTRUCTURE, WITH CYBERSECURITY RESOURCES INCLUDING BEST PRACTICES FOR INSIDER THREATS, DATA PROTECTION PRINCIPLES, FRAMEWORKS FOR PENETRATION TESTING AND MORE THAT PROVIDE SECURITY OF CUSTOMER INFORMATION AND EFFICIENT, RELIABLE EXECUTION OF TRANSACTIONS. WE CONTINUALLY WORK WITH INDUSTRY AND GOVERNMENT LEADERS TO IDENTIFY AND COMMUNICATE CYBERSECURITY BEST PRACTICES FOR FIRMS OF ALL SIZES AND CAPABILITIES AND EDUCATE THE INDUSTRY ON EVOLVING THREATS AND APPROPRIATE RESPONSES. SIFMA'S CYBER-RESILIENCY EFFORTS SEEK TO: - PROMOTE ENHANCED REGULATORY HARMONIZATION TO ENCOURAGE A MORE EFFECTIVE ALLOCATION OF CYBER RESOURCES; - PROMOTE A ROBUST INDUSTRY-GOVERNMENT PARTNERSHIP GROUNDED IN INFORMATION SHARING; - DESIGN EXERCISES AND INDUSTRY TESTS TO IMPROVE PROTOCOLS FOR INCIDENT PREPAREDNESS, RESPONSE AND RECOVERY; AND - USE THE LESSONS LEARNED TO REFINE INDUSTRY BEST PRACTICES, INCLUDING FOR MANAGING INSIDER THREATS, THIRD PARTY RISK; PENETRATION TESTING AND DATA SECURITY, INCLUDING SECURE DATA STORAGE AND RECOVERY. SHORTENED SETTLEMENT CYCLES: WWW.SIFMA.ORG/EXPLORE-ISSUES/SHORTENING-SETTLEMENT-CYCLE ENHANCING OUR SECURITIES SETTLEMENT PROCESS IS CRITICAL TO THE CONTINUED RESILIENCY OF OUR MARKETS AND MARKET OPERATIONS. IN THE U.S., THE STANDARD SETTLEMENT CYCLE FOR EQUITIES AND OTHER PRODUCTS IS T+2 (TWO BUSINESS DAYS AFTER THE TRADE). FOLLOWING THE INDUSTRY'S SUCCESSFUL WORK TO TRANSITION FROM T+3 TO T+2 IN 2017, SIFMA, THE INVESTMENT COMPANY INSTITUTE (ICI), AND THE DEPOSITORY TRUST & CLEARING CORPORATION (DTCC) ARE NOW COLLABORATING TO ACCELERATE THE U.S. SECURITIES SETTLEMENT CYCLE FROM T+2 TO T+1, WHICH SHOULD BE COMPLETED IN THE THIRD QUARTER OF 2024, PENDING REGULATORY SUPPORT. WHY THIS MASSIVE UNDERTAKING? T+1 SETTLEMENT CYCLE WILL MITIGATE SETTLEMENT RISK WELL BEYOND WHAT WAS ACHIEVED UNDER T+2. IN ADDITION, A MOVE TO T+1 WILL INCREASE SETTLEMENT EFFICIENCIES AND IMPROVE THE USE OF CAPITAL, ESPECIALLY IN PERIODS OF HIGH VOLATILITY. TAKING 24 HOURS OUT OF THE SETTLEMENT CYCLE WILL REQUIRE A MYRIAD OF SIGNIFICANT CHANGES. THE LIST OF IMPACTED AREAS IS LONG: GLOBAL SETTLEMENTS, DOCUMENTATION, CORPORATE ACTIONS, SECURITIES ISSUANCE, AND COORDINATION FOR MUTUAL FUND PORTFOLIO SECURITIES AND INVESTOR SHARES. SOME AREASALLOCATIONS, AFFIRMATION AND DISAFFIRMATION PROCESSES, CLEARINGHOUSE PROCESS TIMELINES, AND SECURITIES LENDINGWILL REQUIRE FUNDAMENTAL CHANGES. OTHER AREAS THAT WILL REQUIRE SIGNIFICANT CHANGE INCLUDE PRIME BROKERAGE, DELIVERY OF INVESTOR DOCUMENTATION, FOREIGN CURRENCY EXCHANGE (FX), GLOBAL MOVEMENT OF SECURITIES AND CURRENCY, BATCH CYCLE TIMING, AND EXCHANGE-TRADED FUND (ETF) CREATION AND REDEMPTION. IT WILL ALSO BE IMPERATIVE TO ANALYZE CURRENT SETTLEMENTS TO IDENTIFY THE REASONS BEHIND SETTLEMENT ERRORS AND FAILS AND ENSURE THAT THE ERROR AND FAIL RATES DO NOT INCREASE UNDER A NEWLY COMPRESSED TIMELINE. TO ASSIST MARKET PARTICIPANTS IN THE MOVE TO T+1, SIFMA, THE INVESTMENT COMPANY INSTITUTE (ICI), AND THE DEPOSITORY TRUST & CLEARING CORPORATION (DTCC), TOGETHER WITH DELOITTE LLP (DELOITTE), HAVE PUBLISHED THE T+1 SECURITIES SETTLEMENT INDUSTRY IMPLEMENTATION PLAYBOOK. THIS GUIDE OUTLINES A DETAILED APPROACH TO IDENTIFYING THE IMPLEMENTATION ACTIVITIES, TIMELINES, DEPENDENCIES, AND RISK IMPACTS THAT MARKET PARTICIPANTS SHOULD CONSIDER AS THEY PREPARE FOR THE TRANSITION TO T+1 SETTLEMENT. |
| FORM 990, PART III, LINE 4B | STATEMENT OF PROGRAM SERVICE ACCOMPLISHMENTS ADVOCACY: ADVOCACY FOR ISSUES OF IMPORTANCE TO ITS MEMBERS: SIFMA BRINGS TOGETHER THE SHARED INTERESTS OF HUNDREDS OF BROKER-DEALERS, BANKS AND ASSET MANAGERS. WE ADVOCATE IN SUPPORT OF EFFECTIVE AND RESILIENT CAPITAL MARKETS. SIFMA, ON BEHALF OF THE FINANCIAL SERVICES INDUSTRY, ENGAGES WITH POLICYMAKERS AND REGULATORS ON A STATE, FEDERAL AND GLOBAL LEVEL THROUGH COMMENT LETTERS, TESTIMONY, STUDIES AND MORE. SIFMA'S GOAL IS TO ENSURE REGULATION IS EFFECTIVE, BALANCED AND CONSISTENT WITH ITS INTENDED PURPOSE, APPROPRIATELY COORDINATED WITH OTHER REGULATORS AND REGULATORY REGIMES, AND AVOIDS CONSTRAINING CAPITAL FORMATION AND CREDIT AVAILABILITY, OR OTHERWISE IMPEDING THE FUNCTIONING OF THE MARKETS AND THE INDIVIDUALS THEY SERVE. EQUITY MARKET STRUCTURE: WWW.SIFMA.ORG/EXPLORE-ISSUES/EQUITY-MARKET-STRUCTURE THE U.S. EQUITY MARKETS ARE THE MOST ROBUST IN THE WORLD AND CONTINUE TO BE AMONG THE DEEPEST, MOST COMPETITIVE, MOST LIQUID AND MOST EFFICIENT. THEY ARE ALSO AMONG THE MOST REGULATED. EFFICIENT AND RESILIENT MARKET STRUCTURE IS KEY TO SUSTAINING INVESTOR CONFIDENCE AND PARTICIPATION IN THE EQUITY MARKETS. MARKET STRUCTURE CAN DRIVE LIQUIDITY AND TRADE COSTS FOR BUSINESSES AND INVESTORS ALIKE. THEREFORE, MARKET PARTICIPANTS CONTINUALLY STRIVE TO CREATE THE MOST EFFICIENT MARKETS. THIS INCLUDES ADAPTING NEW TECHNOLOGIES TO ACHIEVE OPERATIONAL EFFICIENCIES, SEARCHING FOR NEW WAYS TO TRANSACT AND, GENERALLY, OPTIMIZING MARKET STRUCTURE TO MAXIMIZE EFFICIENCIES. MARKET MAKERS EXIST TO PROVIDE LIQUIDITY IN SECURITIES AND EXECUTE CUSTOMER TRADES, PLAYING AN IMPORTANT ROLE IN EQUITY MARKET STRUCTURE BY ENABLING LIQUIDITY AND BALANCING BUY AND SELL DEMAND. IMPORTANTLY, INVESTORS, PARTICULARLY RETAIL INVESTORS, BENEFIT FROM THIS EFFICIENCY AND RESILIENCY THROUGH REDUCED COSTS INCLUDING NO OR LOW COMMISSIONS, BEST EXECUTION AND COMPETITION. ALL MARKET PARTICIPANTS SEEK TO DRIVE INNOVATION TO FURTHER IMPROVE EQUITY MARKET EFFICIENCY, RESILIENCY AND MOST IMPORTANTLY THE BENEFIT TO INVESTORS. HOWEVER, REGULATORS MUST CAREFULLY WEIGH THE IMPACT OF ANY CHANGES ON INVESTORS. SPECIFICALLY, AS THE SEC CONSIDERS PROPOSING MAJOR CHANGES TO OUR CURRENT EQUITY MARKET STRUCTURE SYSTEM, IT IS CRITICAL THAT ANY CHANGES BE DATA DRIVEN WITH ROBUST COST BENEFIT ANALYSIS. IN THE END, REGULATORS AND MARKET PARTICIPANTS SHOULD WORK TOWARDS THE SAME GOAL: TO PROMOTE MARKET RESILIENCY AND EFFICIENCY AND ENSURE THE U.S. EQUITY MARKETS CONTINUE TO BENEFIT INVESTORS AND PLAY AN ESSENTIAL ROLE IN CAPITAL FORMATION. FIXED INCOME MARKET STRUCTURE: WWW.SIFMA.ORG/EXPLORE-ISSUES/FIXED-INCOME-MARKET-STRUCTURE FIXED INCOME MARKETS ARE AN INTEGRAL COMPONENT TO ECONOMIC GROWTH, PROVIDING EFFICIENT, LONG- TERM AND COST-EFFECTIVE FUNDING. HOW MARKET LIQUIDITY CAN BE MAINTAINED, INCLUDING FOR CORPORATE BONDS, MUNICIPAL BONDS, MORTGAGE-BACKED SECURITIES, AND TREASURY SECURITIES, IS THE SUBJECT OF SIGNIFICANT STUDY AND DEBATE KEY ISSUES CURRENTLY FACING THE FIXED INCOME MARKETS INCLUDE THE APPLICATION OF RULE 15C2-11 TO THE FIXED INCOME MARKETS, INVESTING IN INFRASTRUCTURE THROUGH MUNICIPAL FINANCE, AND AMENDMENTS TO REGULATION ATS AS THEY RELATE TO GOVERNMENT SECURITIES. THE U.S. TREASURY MARKET IS A BEDROCK OF THE GLOBAL FINANCIAL SYSTEM. U.S. TREASURIES ARE DEBT INSTRUMENTS ISSUED BY THE U.S. GOVERNMENT TO FINANCE ITS ACTIVITIES. OWING TO THE UNITED STATES' CREDITWORTHINESS AND STATUS AS THE WORLD'S LEADING ECONOMY, THE U.S. TREASURY MARKET HAS BEEN DESCRIBED AS THE "BIGGEST, DEEPEST AND MOST ESSENTIAL BOND MARKET ON THE PLANET." OWING TO THEIR STABILITY, U.S. TREASURIES ALSO OFTEN SERVE AS BENCHMARKS FOR OTHER FIXED-INCOME SECURITIES AND HEDGING POSITIONS; AS A RESULT, U.S. TREASURY YIELDS HAVE AN IMPACT ON THE RATES THAT CONSUMERS, BUSINESSES, AND GOVERNMENTS ACROSS THE GLOBE PAY TO BORROW MONEY. IN ADDITION, THE U.S. TREASURY REPURCHASE AGREEMENT OR "REPO" MARKET IS A KEY TRANSMISSION MECHANISM FOR U.S. MONETARY POLICY, AND VITAL TO THE LIQUIDITY OF THE CASH TREASURY MARKET. RECENT STUDIES TO IMPROVE THE RESILIENCY OF THE TREASURY MARKET: 1. GREATER USE OF CENTRALIZED CLEARING AND "ALL-TO-ALL" TRADING PLATFORMS; 2. UNIFORM REGULATION AND OVERSIGHT OF MARKET PARTICIPANTS; 3. EXPANDED ACCESS TO THE FEDERAL RESERVE'S RECENTLY CREATED STANDING REPURCHASE ("REPO" FACILITY ("SRF"); 4. CHANGES TO BANKING REGULATION (SUCH AS REFORM OF THE SLR REQUIREMENT); AND 5. IMPROVED DATA AND DISCLOSURE BY MARKET PARTICIPANTS. SOME OF THE REFORMS APPEAR ABLE TO ADD MORE STRAIGHTFORWARDLY TO MARKET MAKING CAPACITY; FOR EXAMPLE, MODIFICATIONS TO THE SUPPLEMENTAL LEVERAGE RATIO (SLR) AND GSIB SURCHARGE COULD BE RELATIVELY STRAIGHTFORWARD AND RESULT IN MORE CAPACITY AT SIGNIFICANT MARKET PARTICIPANTS. ON THE OTHER HAND, MANDATING BROAD CENTRAL CLEARING IN THE CASH MARKET, WHILE DELIVERING SOME BENEFITS, COULD RAISE COSTS AND LIMIT PARTICIPATION BY SOME. THE GOALS OF ANY REFORMS IN THE TREASURY MARKET SHOULD BE TO ENHANCE THE LIQUIDITY AND RESILIENCY IN THE MARKET AND TO INCREASE THE MARKET-MAKING CAPACITY OF MARKET PARTICIPANTS IN ORDER TO MEET THE GROWING DEMAND FOR, AND SUPPLY OF, TREASURY SECURITIES. THESE TWIN GOALS MUST BE TOP-OF-MIND AS POLICYMAKERS AND MARKET PARTICIPANTS ASSESS THE COSTS AND BENEFITS OF ANY REFORMS. MARKET INNOVATION AND DIGITAL ASSETS: WWW.SIFMA.ORG/EXPLORE-ISSUES/DIGITIZATION U.S. CAPITAL MARKETS HAVE CONTINUED TO INNOVATE AS TECHNOLOGY HAS ALLOWED FOR PROFOUND EVOLUTIONS IN MARKET INFRASTRUCTURE, CHANGING AT TIMES THE VERY NATURE OF AMERICAN FINANCIAL MARKETS. FINANCIAL SERVICES FIRMS ARE EMBRACING THE CLOUD AND DISTRIBUTED LEDGER TECHNOLOGY (DLT) TO TRANSFORM THE CAPITAL MARKET ECOSYSTEM AND INFRASTRUCTURE. IN WEALTH MANAGEMENT, NEW CAPABILITIES ARE ANTICIPATING CUSTOMER EXPECTATIONS AND BETTER SERVING CLIENTS AS THEY DEMAND A MORE PERSONAL, IMMEDIATE EXPERIENCE WHILE THE FINANCIAL INDUSTRY REMAINS COMMITTED TO ENSURING PROTECTING THE DATA OF THE CLIENTS WE SERVE AT EVERY TURN. AND, AS THE INDUSTRY MOVES TOWARD FURTHER SHORTENING THE SETTLEMENT CYCLE, E-DELIVERY WILL ONLY BECOME MORE NECESSARY, AND WE ARE ENGAGING WITH THE SEC TO MAKE IT EASIER FOR MARKET PARTICIPANTS TO MAKE THIS TRANSITION. PERHAPS THE MOST DISCUSSED AREA OF DEVELOPMENT, HOWEVER, IS DIGITAL ASSETS. WE ARE AT A PIVOTAL POINT IN THE DEVELOPMENT OF DIGITAL ASSETS MARKETS AND PRODUCTS, INCLUDING BLOCKCHAIN-BASED SECURITIES, STABLE COINS AND CRYPTO ASSETS. THERE IS AN URGENT NEED FOR POLICYMAKERS TO PROVIDE REGULATORY CLARITY TO THE DIGITAL ASSET MARKETS. THE EXISTING REGULATORY FRAMEWORKS WHICH GOVERN REGULATED FINANCIAL INSTITUTIONS SUCH AS BROKER-DEALERS, BANKS AND ASSET MANAGERS ARE FOCUSED ON ENSURING INVESTOR PROTECTION, SAFETY AND SOUNDNESS, AND RISK MANAGEMENT, AND EXTENDING THEM, WITH MODIFICATIONS WHERE APPROPRIATE, TO DIGITAL ASSET MARKETS WILL HELP PROTECT INVESTORS. SIFMA HAS CALLED ON POLICYMAKERS AND REGULATORS PURSUE KEY GUIDING PRINCIPLES AS THEY MAKE POLICY IN THIS AREA. THESE INCLUDE PUTTING INVESTOR PROTECTIONS AT THE FOREFRONT OF ANY POLICY ACTION; ADOPTING A "TECHNOLOGY NEUTRAL" APPROACH THAT FOLLOWS THE "SAME RISK, SAME ACTIVITY, SAME REGULATORY OUTCOME" PRINCIPLE; DISTINGUISHING BETWEEN DIFFERENT TYPES OF DIGITAL ASSETS, AND BETWEEN DIGITAL ASSETS AND THE USE OF BLOCKCHAIN TECHNOLOGY TO FACILITATE "TRADITIONAL" ASSET TRANSACTIONS; AND APPLYING, WITH APPROPRIATE MODIFICATIONS, EXISTING AND WELL UNDERSTOOD REGULATORY FRAMEWORKS TO DIGITAL ASSETS. AS DESCRIBED, EXISTING SECURITIES REGULATION, SUCH AS THE SEC'S CUSTOMER PROTECTION RULE, OFFERS A ROBUST FRAMEWORK FOR INVESTOR PROTECTION WHICH CAN BE APPLIED TO DIGITAL ASSET MARKETS. RETIREMENT & SAVINGS: WWW.SIFMA.ORG/EXPLORE-ISSUES/RETIREMENT-SAVINGS HELPING AMERICANS GROW SAVINGS FOR A SECURE RETIREMENT IS AMONG THE MOST IMPORTANT ROLES OF THE U.S. CAPITAL MARKETS. INDIVIDUALS OF ALL INCOME LEVELS CAN START INVESTING, INVEST FOR THE LONG-TERM, AND HAVE ACCESS TO WORK WITH A PROFESSIONAL FINANCIAL ADVISOR WHO SERVES AS A CRITICAL LINK IN HELPING INVESTORS MEET THEIR GOALS. CHANGING DEMOGRAPHICS, INCLUDING INCREASING LONGEVITY, UNDERSCORE THE NEED FOR A ROBUST PRIVATE RETIREMENT SYSTEM. POLICY MAKERS MUST CONTINUE TO ADDRESS THE CHALLENGE OF ENCOURAGING AND FACILITATING SAVING AND INVESTING FOR RETIREMENT ACROSS OUR SOCIETY. TODAY, U.S. WORKERS ARE INCREASINGLY RELYING ON INDIVIDUALLY FUNDED RETIREMENT PLANS, SUCH AS 401K'S AND IRA'S. DEFINED CONTRIBUTION PLANS ACCOUNT FOR $7.4 TRILLION IN ASSETS, GROWING AT A 7% COMPOUND ANNUAL GROWTH RATE OVER THE LAST DECADE. BOTH THROUGH THEIR EMPLOYERS AND INDIVIDUALLY, AMERICANS TODAY ARE LARGELY RESPONSIBLE FOR BUILDING THEIR RETIREMENT ACCOUNTS THEMSELVES. OVER 56% OF TOTAL RETIREMENT ASSETS ARE INDIVIDUALLY FUNDED THROUGH DEFINED CONTRIBUTION RETIREMENT PLANS AND IRAS. BECAUSE INDIVIDUAL SAVERS PLAY A GREATER ROLE IN THE DECISION-MAKING |
| FORM 990, PART III, LINE 4B | REGARDING THEIR INVESTMENTS, ACCESS TO A FINANCIAL ADVISOR IS EVEN MORE IMPORTANT TODAY TO HELP INDIVIDUALS PREPARE FOR THEIR FUTURE. SIFMA IS COMMITTED TO INCREASING RETIREMENT SECURITY FOR ALL AMERICANS AND HAS IDENTIFIED THREE PRIMARY PILLARS TO REACH THIS GOAL: 1. EXPANDING ACCESS TO PLANS, 2. INCREASING PARTICIPATION AND DECREASING LEAKAGE, AND 3. ENHANCING EDUCATION. SIFMA SUPPORTS LEGISLATION INCLUDING THE SECURING A STRONG RETIREMENT ACT OF 2021 (SECURE ACT 2.0) AND THE RETIREMENT SECURITY AND SAVINGS ACT OF 2021, COMPARABLE BILLS WHICH REPRESENT IMPORTANT STEPS TOWARD ENHANCING THE PRIVATE RETIREMENT SYSTEM AND INCREASING RETIREMENT SAVINGS. BOTH INCLUDE PROVISIONS TO INCENTIVIZE SMALL BUSINESS TO OFFER RETIREMENT PLANS, EXPANDING SMALL BUSINESS SAVINGS; ENABLE OLDER AMERICANS TO SAVE MORE AND HOLD ON TO THEIR SAVINGS LONGER; AND ALLOW MATCHING CONTRIBUTIONS FOR STUDENT LOAN PAYMENTS. WITH EFFORTS SUCH AS THESE, WE CAN BOOST PARTICIPATION IN RETIREMENT SAVINGS, ENABLE AMERICANS TO SAVE MORE, PROMOTE FINANCIAL LITERACY AND SUPPORT A STRONG RETAIL INVESTOR CULTURE. PRUDENTIAL REGULATION OF CAPITAL MARKETS: WWW.SIFMA.ORG/EXPLORE-ISSUES/PRUDENTIAL-REGULATION PRUDENTIAL REGULATION REQUIRES FINANCIAL FIRMS TO CONTROL RISKS, HOLD ADEQUATE CAPITAL AND LIQUIDITY, AND HAVE IN PLACE WORKABLE RECOVERY AND RESOLUTION PLANS. IT IS ESSENTIAL THAT OUR PRUDENTIAL REGULATORY REGIME ACCOUNTS FOR THE VITAL ROLE THE CAPITAL MARKETS PLAY IN PROVIDING CREDIT AND FINANCING THE REAL ECONOMY, PARTICULARLY AS REGULATORS CONSIDER THE IMPLEMENTATION OF ELEMENTS OF THE BASEL III CAPITAL PROPOSAL, INCLUDING THE FUNDAMENTAL REVIEW OF THE TRADING BOOK (FRTB) AND CREDIT VALUATION ADJUSTMENT (CVA). THOSE RULES SHOULD BE IMPLEMENTED IN A MANNER THAT DOES NOT PENALIZE BANKS' CAPITAL MARKETS ACTIVITIES, WHICH IN TURN COULD REDUCE LIQUIDITY IN VITAL CORPORATE AND OTHER FUNDING MARKETS, THEREBY HURTING GROWTH IN THE REAL ECONOMY. U.S. PRUDENTIAL RULES GENERALLY IMPOSE SIGNIFICANTLY HIGHER CAPITAL AND LIQUIDITY COSTS ON BANKING ENTITIES WITH SIGNIFICANT CAPITAL MARKETS OPERATIONS. THIS HAS INCREASED COSTS TO FINANCIAL FIRMS AND THE ECONOMY AS A WHOLE AND REDUCED MARKET DEPTH FOR A WIDE VARIETY OF CORPORATIONS AND OTHER END-USERS, PARTICULARLY DURING PERIODS OF ECONOMIC STRESS. THIS HAS ALSO HAD ANOTHER EFFECT: TRANSFORMING U.S. BANKING REGULATORS INTO A SUPERVISOR OF THE CAPITAL MARKETS AT TIMES SUPERSEDING THE OVERSIGHT ROLE TRADITIONALLY PLAYED BY THE SEC AND CFTC. THIS HAS CREATED DISTORTIONS IN THE CAPITAL AND LIQUIDITY REQUIREMENTS BETWEEN MARKET AND PRUDENTIAL REGULATORS AS WELL AS LESSENED THE EFFICIENCIES BY INCREASING COSTS TO END USERS. IT IS THUS CRUCIAL TO ALIGN AND ALLOW FOR MUTUAL RECOGNITION, TO THE EXTENT POSSIBLE, THE CAPITAL AND LIQUIDITY STANDARDS SET OUT BY THE U.S. BANKING REGULATORS AND THE MARKET REGULATORS. FOSTERING DIVERSITY, EQUITY & INCLUSION: WWW.SIFMA.ORG/DIVERSITY DIVERSITY, EQUITY AND INCLUSION IS AN ISSUE OF UTMOST IMPORTANCE FOR THE FINANCIAL SERVICES INDUSTRY AND SOCIETY AT LARGE. OUR INDUSTRY LEADERS, TOGETHER WITH REGULATORS AND CORPORATE STAKEHOLDERS, PLAY A PIVOTAL ROLE IN SHAPING ORGANIZATIONAL CULTURE TO ACHIEVE A MORE INCLUSIVE AND EFFECTIVE WORKFORCE THAT REFLECTS THOSE WE SERVE. SIFMA ADVOCATES FOR A DIVERSE, EQUITABLE AND INCLUSIVE FINANCIAL INDUSTRY. TOGETHER WITH OUR MEMBERS, WE STRIVE TO PROVIDE FIRMS ACROSS THE FINANCIAL SERVICES INDUSTRY WITH THE RESOURCES NEEDED TO ACHIEVE, EXPAND AND PROMOTE WORKFORCE, CLIENT, AND SUPPLIER DIVERSITY AND INCLUSION. FOR MORE THAN 20 YEARS, THE COUNCIL HAS CONDUCTED A BENCHMARK SURVEY AND ENCOURAGES MORE OF OUR MEMBER FIRMS TO PARTICIPATE. WHILE CLEARLY AN ONGOING COMMITMENT FOR THE INDUSTRY, HAVING CONVERSATIONS AND WORKING TOWARDS A MORE DIVERSE, EQUITABLE, AND INCLUSIVE FUTURE IS IMPERATIVE. SIFMA'S BENCHMARK SURVEY PROVIDES PARTICIPANTS WITH CRITICAL INSIGHTS FOR FIRMS TO TAKE ACTION. ON THE WHOLE, OUR 2022 SURVEY FOUND SIGNIFICANT PROGRESS MADE IN HIRING WOMEN AND PEOPLE OF COLOR AND EFFORTS TO BUILD INCLUSIVE CULTURES, SUCH AS EXECUTIVE SPONSORSHIP AND EMPLOYEE RESOURCE GROUPS. THE LEVERS THE INDUSTRY NEEDS TO ADDRESS NOW? PROMOTING FEMALE EMPLOYEES TO EXECUTIVE RANKS AND RETENTION OF ETHNICALLY DIVERSE TALENT. BY BUILDING A DIVERSE TALENT PIPELINE, WE CAN FOSTER DIVERSITY, EQUITY AND INCLUSION IN THE FINANCIAL SERVICES INDUSTRY. THE SIFMA INVEST! PROGRAM AND VIRTUAL PLATFORM OFFERS STUDENTS ENROLLED AT HISTORICALLY BLACK COLLEGES AND UNIVERSITIES (HBCUS) AND MINORITY SERVING INSTITUTIONS (MSIS) A MYRIAD OF EDUCATIONAL, INDUSTRY RESEARCH AND CAREER DEVELOPMENT OPPORTUNITIES TO PURSUE A CAREER IN FINANCIAL SERVICES. AT A GLANCE, SIFMA INVEST! PROVIDES: - A JOB BOARD OF INTERNSHIP AND ENTRY-LEVEL OPPORTUNITIES PROVIDED BY SIFMA'S MEMBER FIRMS; - A RESUME BANK SEARCHABLE BY RECRUITERS FROM SIFMA'S MEMBER FIRMS; - EDUCATIONAL RESOURCES ABOUT THE CAPITAL MARKETS AND CAREERS IN FINANCIAL SERVICES; AND - OPPORTUNITIES FOR STUDENTS TO STUDY FOR AND TAKE THE FINRA SECURITIES INDUSTRY ESSENTIALS (SIE) EXAM. |
| FORM 990, PART III, LINE 4B | (1) SECURE THE PASSAGE OF LEGISLATION PERMITTING ISSUERS TO ADVANCE REFUND THEIR MUNICIPAL DEBT ON A TAX-EXEMPT MUNICIPAL BASIS; (2) AUTHORIZE A NEW DIRECT PAYMENT BOND PROGRAM ON A PERMANENT BASIS; (3) EXPAND THE VOLUME CAP AND USES FOR PRIVATE ACTIVITY BONDS (PABS); AND (4) INCREASE THE ANNUAL LIMIT ON THE AMOUNT OF TAX-EXEMPT OBLIGATIONS THAT MAY BE ISSUED TO QUALIFY FOR THE SMALL ISSUER EXCEPTION TO THE TAX-EXEMPT INTEREST EXPENSE ALLOCATION RULES. HELPING BUSINESSES AND INVESTORS MANAGE RISK: DERIVATIVES ARE AN IMPORTANT TOOL THAT BUSINESSES AND INVESTORS USE TO MANAGE RISK EXPOSURE. TITLE VII OF THE DODD FRANK ACT ESTABLISHED A BROAD NEW REGULATORY REGIME FOR OVER-THE-COUNTER (OTC) DERIVATIVES, OR SWAPS, WHICH IS PROFOUNDLY AFFECTING THE FINANCIAL MARKETS AND MARKET PARTICIPANTS. SIFMA BELIEVES THAT THE DODD-FRANK ACT TOOK SEVERAL IMPORTANT STEPS TOWARDS IMPROVING OVERSIGHT AND TRANSPARENCY IN THE SWAPS MARKETS AND SUPPORTS THE IMPLEMENTATION OF APPROPRIATE REGULATIONS THAT DO NOT CREATE UNDUE COSTS OR UNDULY LIMIT THE AVAILABILITY OF THESE VALUABLE RISK MANAGEMENT TOOLS. IN OCTOBER 2021, AN IMPORTANT STEP WAS ACHIEVED WHEN THE SEC'S SECURITY-BASED SWAP DEALER (SBSD) REGIME WENT LIVE AND THE FIRST SBSD REGISTRATIONS WERE REPORTED SOON THEREAFTER. SIFMA WILL CONTINUE TO ENGAGE CLOSELY WITH THE SEC AS IT WORKS TO COMPLETE TITLE VII RULEMAKING IN 2022. LOOKING FORWARD, POLICYMAKERS SHOULD CONTINUE TO HARMONIZE REGULATIONS BETWEEN THE SEC AND CFTC; AVOID OVERLY BROAD APPLICATION OF TITLE VII IN CROSS-BORDER SITUATIONS, INCLUDING EXPANDING THE AVAILABILITY OF BILATERAL REGULATORY RECOGNITION (SUBSTITUTED COMPLIANCE); AND CONTINUOUSLY REVIEW AND EVALUATE THE IMPACT OF REGULATIONS ON THE SWAP MARKETS AND MARKET PARTICIPANTS, INCLUDING END USERS SUCH AS ASSET MANAGERS AND THEIR CLIENTS. PROTECTING DATA & PRIVACY: PERSONAL FINANCIAL INFORMATION IS INVALUABLE AND THE FINANCIAL INDUSTRY IS COMMITTED TO ENSURING THE SAFETY OF THE CLIENTS WE SERVE AT EVERY TURN. SIFMA BELIEVES A FEDERAL PRIVACY AND DATA BREACH STANDARD IS NECESSARY TO BEST PROTECT THE PERSONAL FINANCIAL DATA OF ALL AMERICANS. MANY OF OUR MEMBERS FUNCTION REGIONALLY, NATIONALLY, AND GLOBALLY, AND THE CURRENT PATCHWORK OF CONFLICTING STATE AND FEDERAL LAWS AND REGULATIONS FURTHER ADDS TO THE CONFUSION AND INEFFICIENCY. ADOPTING A FEDERAL PREEMPTIVE STANDARD FOR PRIVACY AND DATA BREACH THAT TAKES INTO CONSIDERATION EXISTING POLICIES UNDER THE GRAMM-LEACH-BLILEY ACT WOULD GREATLY IMPROVE CUSTOMER PROTECTION BY MINIMIZING CONFUSION AND INEQUALITY. INVESTORS ARE INCREASINGLY LOOKING FOR TRANSPARENCY AS THEY DETERMINE HOW THEIR DATA IS BEING SHARED, USED AND PROTECTED. TO THAT END, SIFMA HAS PUBLISHED A SET OF INDUSTRY-WIDE PRINCIPLES, FOCUSING ON ACCESS; SECURITY AND RESPONSIBILITY; TRANSPARENCY AND PERMISSION; AND SCOPE OF ACCESS AND USE, FOR PROTECTING, SHARING AND AGGREGATING CUSTOMER FINANCIAL INFORMATION. SIFMA IS ALSO A FOUNDING MEMBER AND SERVE ON THE BOARD OF THE FINANCIAL DATA EXCHANGE (FDX), A NON-PROFIT STANDARDS BODY TASKED WITH DEVELOPING TECHNICAL SOLUTIONS FOR PERMISSIONED DATA TRANSFER BETWEEN FINANCIAL INSTITUTIONS AND TECHNOLOGY COMPANIES. IMPLEMENTING THE CONSOLIDATED AUDIT TRAIL: THE SEC ESTABLISHED THE CONSOLIDATED AUDIT TRAIL (THE CAT) TO ENABLE REGULATORS TO TRACK ALL ORDER AND TRADING ACTIVITY THROUGHOUT THE U.S. MARKETS FOR LISTED EQUITIES AND OPTIONS. WHILE OPERATED BY 25 SELF-REGULATORY ORGANIZATIONS (SROS) INCLUDING EQUITY AND OPTIONS EXCHANGES, UNDER THE SUPERVISION OF THE SEC, THE SECURITIES INDUSTRY HAS UNDERTAKEN EFFORTS TO BUILD AND STAND UP SYSTEMS NECESSARY TO COMPLY WITH THE CAT, WORKING DILIGENTLY THROUGH THE CORONAVIRUS PANDEMIC AND THE OPERATIONAL CHANGES, PRIORITIES AND DEMANDS IT BROUGHT. THE TRANSACTION DATABASE BECAME FULLY IMPLEMENTED IN DECEMBER 2021. THE SROS AND INDUSTRY ARE NOW WORKING ON THE DESIGN AND DEVELOPMENT OF THE CUSTOMER DATA BASE OR CAIS WHICH IS PROJECTED TO COME ONLINE IN MID-2022. THE DATA WITHIN CAT HAS BECOME A KEY REGULATORY TOOL AS EVIDENCED BY THE OCTOBER 2021 SEC STAFF REPORT ON JANUARY 2021 MARKET VOLATILITY WHICH USED CAT DATA TO RECREATE AND ANALYZE THE TRADING ACTIVITY. SEVERAL CRITICAL ISSUES REMAIN, MOST IMPORTANTLY DATA SECURITY AND FUNDING. SIFMA HAS CONTINUALLY VOICED CONCERNS ABOUT THE TYPE AND AMOUNT OF PERSONALLY IDENTIFIABLE INFORMATION (PII) DATA TO BE REPORTED TO AND MAINTAINED IN THE CAIS AND HAS REPEATEDLY OFFERED VIABLE ALTERNATIVES THAT WOULD SERVE THE SAME PURPOSE WITHOUT THE ATTENDANT DATA AND PRIVACY RISK TO INVESTORS. WE CONTINUE TO ENGAGE WITH THE SEC ON ITS AUGUST 2020 DATA SECURITY PROPOSAL WHICH WOULD, AMONG OTHER THINGS, PROHIBIT THE BULK DOWNLOADING OF CAT DATA AND WOULD STRICTLY AND CLEARLY PROHIBIT THE USE OF CAT DATA FOR ANY COMMERCIAL PURPOSE. WE CONTINUE TO ADVOCATE FOR A COLLABORATIVE, EQUITABLE AND TRANSPARENT FUNDING MODEL FOR THE CAT AND RECOMMENDED THAT THE COMMISSION DISAPPROVE THE PROPOSED MODEL SUBMITTED BY THE SROS. ENHANCING INVESTOR PROTECTION WHILE PRESERVING CHOICE: REGULATION BEST INTEREST FINALIZED BY THE SECURITIES AND EXCHANGE COMMISSION IN 2019 AND FULLY ENFORCEABLE AS OF JUNE 2020 SIGNIFICANTLY AND MEANINGFULLY UPGRADES THE EXISTING REGULATORY REGIME FOR BROKER-DEALERS, AND DIRECTLY ENHANCES INVESTOR PROTECTION. SIFMA ADVOCATED FOR THE CREATION OF SUCH A STANDARD FOR OVER A DECADE. THE RULE IS SPECIFIC WITH RESPECT TO THE OBLIGATIONS BROKERS OWE TO THEIR CLIENTS AND THE STEPS THEY MUST TAKE TO COMPLY, INCLUDING THE OBLIGATION TO ELIMINATE, DISCLOSE AND MITIGATE CERTAIN CONFLICTS OF INTEREST. IT IS ENHANCING INVESTOR PROTECTIONS, WHILE ALSO PRESERVING INVESTOR CHOICE AND ACCESS TO INVESTMENT ADVICE. REG BI SUBSTANTIALLY EXCEEDS THE PRECEDING FINRA SUITABILITY STANDARD AND IS BROADER IN SCOPE THAN THE NOW DEFUNCT DOL FIDUCIARY RULE. REG BI APPLIES ACROSS ALL CUSTOMER ACCOUNTS, NOT JUST RETIREMENT ACCOUNTS, AND WILL ALLOW THE SEC TO ENFORCE A COMMON STANDARD ACROSS THE INDUSTRY. PROTECTING SENIOR INVESTORS: BY 2030, SENIORS AGED 65 AND OVER WILL MAKE UP 18% OF THE NATION'S POPULATION. IN THE UNITED STATES, SENIORS LOSE AN ESTIMATED $2.9 BILLION EVERY YEAR IN CASES OF FINANCIAL EXPLOITATION REPORTED BY MEDIA OUTLETS, WHILE ONLY AN ESTIMATED 1 IN 44 CASES IS EVEN REPORTED TO AUTHORITIES. IT IS VITAL THAT WE ARE ABLE TO PROTECT OUR SENIOR INVESTORS FROM FINANCIAL EXPLOITATION AND THE DANGERS OF COGNITIVE DECLINE. SIFMA IS COMMITTED TO WORKING ACROSS THE FINANCIAL INDUSTRY TO PROTECT SENIOR INVESTORS AND CONTINUES TO SEEK NEW WAYS TO FIGHT AGAINST FINANCIAL EXPLOITATION OF OLDER AMERICANS. IN ADDITION TO OUR SENIOR INVESTOR PROTECTION TOOLKIT, WE WORK IN PARTNERSHIP WITH AARP TO DISTRIBUTE THE BANKSAFE TRAINING PROGRAM AND WITH ORGANIZATIONS INCLUDING THE WOMEN'S INSTITUTE FOR A SECURE RETIREMENT (WISER), THE NATIONAL ADULT PROTECTIVE SERVICES ASSOCIATION (NAPSA), FINRA AND MORE. PRESERVING THE INDEPENDENT CONTRACTOR MODEL: SIFMA SUPPORTS PRESERVATION OF THE INDEPENDENT CONTRACTOR STATUS IN THE FINANCIAL SERVICES INDUSTRY WHERE INDEPENDENT BROKER-DEALER AND INDEPENDENT FINANCIAL ADVISORS CAN PROVIDE SERVICES TO THEIR RETAIL AND INSTITUTIONAL CLIENTS. INDEPENDENT BROKER-DEALERS (IBDS) AND THE NEARLY 160,000 INDIVIDUALS THAT AFFILIATE WITH THEM AS INDEPENDENT FINANCIAL ADVISORS (IFAS) SERVE MILLIONS OF CLIENTS ACROSS THE U.S. BY PROVIDING INVESTMENT ADVICE AND EDUCATION. IFAS PROVIDE CRUCIAL ADVICE ON RETIREMENT PLANNING, EDUCATIONAL FUNDING, AND OTHER LIFE EVENTS RETAIL INVESTORS IN ADDITION TO OFFERING OTHER SERVICES AND PRODUCTS, SUCH AS INSURANCE AND TAX PLANNING, THAT ADDRESS THEIR CLIENTS' FINANCIAL WELL-BEING HOLISTICALLY. INDEPENDENT CONTRACTOR STATUS ALLOWS INDEPENDENT FINANCIAL ADVISORS TO OWN AND OPERATE THEIR OWN SMALL BUSINESS. INDEPENDENT FINANCIAL ADVISORS ALSO BENEFIT FROM A DECENTRALIZED BUSINESS STRUCTURE, WHICH EXPANDS THE ACCESSIBILITY OF FINANCIAL ADVICE AND PLANNING IN PARTS OF THE COUNTRY THAT WOULD OTHERWISE NOT BE SERVED. NOTABLY, INDEPENDENT FINANCIAL ADVISORS WORK IN A HIGHLY REGULATED INDUSTRY AND ARE REQUIRED BY SECURITIES LAWS TO ASSOCIATE WITH A BROKER-DEALER TO PROTECT INVESTORS. WE ENCOURAGE LAWMAKERS TO EXEMPT INDEPENDENT BROKER DEALERS AND INDEPENDENT FINANCIAL ADVISORS FROM ANY LEGISLATION, SUCH AS THE PROTECTING RIGHTS TO ORGANIZE ACT (PRO ACT), THAT WOULD PREVENT FINANCIAL SERVICES PROFESSIONALS FROM FREELY CHOOSING TO BE INDEPENDENT CONTRACTORS. |
| FORM 990, PART III, LINE 4B | PRUDENTIAL REGULATION OF CAPITAL MARKETS: PRUDENTIAL REGULATION REQUIRES FINANCIAL FIRMS TO CONTROL RISKS, HOLD ADEQUATE CAPITAL AND LIQUIDITY, AND HAVE IN PLACE WORKABLE RECOVERY AND RESOLUTION PLANS. IT IS ESSENTIAL THAT OUR REGULATORY REGIME ACCOUNTS FOR THE VITAL ROLE THE CAPITAL MARKETS PLAY IN PROVIDING CREDIT AND FINANCING THE REAL ECONOMY, PARTICULARLY AS REGULATORS CONSIDER THE IMPLEMENTATION OF ELEMENTS OF THE BASEL III CAPITAL PROPOSAL IN 2022, INCLUDING THE FUNDAMENTAL REVIEW OF THE TRADING BOOK (FRTB) AND CREDIT VALUATION ADJUSTMENT (CVA). IT IS VITAL THAT THOSE RULES SHOULD BE IMPLEMENTED IN A MANNER THAT DOES NOT OVERLY PENALIZE BANKS' CAPITAL MARKETS ACTIVITIES, WHICH IN TURN COULD REDUCE LIQUIDITY IN VITAL CORPORATE AND OTHER FUNDING MARKETS, THEREBY HURTING GROWTH IN THE REAL ECONOMY. SIFMA SUPPORTS APPROPRIATE REGULATION OF THE CAPITAL MARKETS AND THEIR PARTICIPANTS BY BOTH MARKET REGULATORS, WHO HAVE DECADES OF EXPERIENCE IN PROMULGATING RULES AND SUPERVISING THE MARKETPLACE, AS WELL AS PRUDENTIAL REGULATORS. U.S. PRUDENTIAL RULES GENERALLY IMPOSE SIGNIFICANTLY HIGHER CAPITAL AND LIQUIDITY COSTS ON BANKING ENTITIES WITH SIGNIFICANT CAPITAL MARKETS OPERATIONS. THIS HAS INCREASED COSTS TO FINANCIAL FIRMS AND THE ECONOMY AS A WHOLE AND REDUCED MARKET DEPTH FOR A WIDE VARIETY OF CORPORATIONS AND OTHER END-USERS, PARTICULARLY DURING PERIODS OF ECONOMIC STRESS. THIS HAS ALSO HAD ANOTHER EFFECT: TRANSFORMING U.S. BANKING REGULATORS INTO THE MOST IMPACTFUL SUPERVISOR OF THE CAPITAL MARKETS SUPERSEDING THE OVERSIGHT ROLE TRADITIONALLY PLAYED BY THE SEC AND CFTC. THIS HAS CREATED DISTORTIONS IN THE CAPITAL AND LIQUIDITY REQUIREMENTS BETWEEN MARKET AND PRUDENTIAL REGULATORS AS WELL AS LESSENED THE EFFICIENCIES BY INCREASING COSTS TO END USERS. IT IS THUS CRUCIAL TO ALIGN AND ALLOW FOR MUTUAL RECOGNITION, TO THE EXTENT POSSIBLE, THE CAPITAL AND LIQUIDITY STANDARDS SET OUT BY THE U.S. BANKING REGULATORS AND THE MARKET REGULATORS. TAX POLICY TO SUPPORT GROWTH: TAXES IMPACT THE SAVINGS AND INVESTMENT DECISIONS OF INDIVIDUALS AND CORPORATIONS AND ARE A NECESSARY MEANS FOR FUNDING THE GOVERNMENT. SIFMA BELIEVES REASONABLE TAXATION AND ECONOMIC GROWTH ARE NOT MUTUALLY EXCLUSIVE AND ENCOURAGES POLICY MAKERS TO CONSIDER BOTH WHEN CONTEMPLATING CHANGES TO THE TAX CODE. MANY OF SIFMA'S MEMBERS ARE GLOBAL TAXPAYERS AS WELL, THEREFORE INTERNATIONAL STANDARDS FOR RAISING REVENUE SHOULD CONSIDER THE HIGHLY REGULATED NATURE OF THE FINANCIAL SERVICES INDUSTRY. SIFMA'S MEMBER FIRMS ARE WILLING AND PREPARED TO HELP POLICYMAKERS WADE THROUGH THE NUANCES AND GOALS OF THEIR RESPECTIVE TAX POLICY. SIFMA BELIEVES TAXES IMPACT SAVINGS AND INVESTMENTS FOR BOTH INDIVIDUALS AND BUSINESSES, BUT REMAIN NECESSARY FOR GOVERNMENT PROGRAMS AND SUPPORT FOR DOMESTIC ECONOMIC GROWTH. WE REMAIN FOCUSED ON INTERNATIONAL TAX, CAPITAL GAINS AND DIVIDENDS AS WELL AS PROTECTING INVESTORS AND SAVERS FROM TAXES THAT COULD HURT THEIR FUTURE SAVINGS. FOSTERING DIVERSITY, EQUITY & INCLUSION: SIFMA ADVOCATES FOR A DIVERSE AND INCLUSIVE FINANCIAL INDUSTRY. TOGETHER WITH OUR MEMBERS, WE STRIVE TO PROVIDE FIRMS ACROSS THE FINANCIAL SERVICES INDUSTRY WITH THE RESOURCES NEEDED TO ACHIEVE, EXPAND AND PROMOTE WORKFORCE, CLIENT, AND SUPPLIER DIVERSITY AND INCLUSION. |
| FORM 990, PART III, LINE 4C | STATEMENT OF PROGRAM SERVICE ACCOMPLISHMENTS CONFERENCES AND EVENTS: WWW.SIFMA.ORG/EVENTS SIFMA CONFERENCES, EVENTS AND WEBINARS FOSTER MEANINGFUL CONVERSATIONS ABOUT THE CAPITAL MARKETS AND OFFER VALUABLE PROFESSIONAL DEVELOPMENT OPPORTUNITIES. SIFMA ANNUAL MEETING: BROKER-DEALERS, INVESTMENT BANKS AND ASSET MANAGERS ACCESS THE CAPITAL MARKETS TO DELIVER A BROAD RANGE OF FINANCIAL SERVICES TO CLIENTS INCLUDING CORPORATIONS, GOVERNMENTS AND INDIVIDUALS. AS THE VOICE FOR THE NATION'S SECURITIES INDUSTRY, SIFMA BRINGS TOGETHER OUR MEMBERS TO ADVOCATE FOR EFFECTIVE AND EFFICIENT CAPITAL MARKETS. TOGETHER, WE ARE INVESTED IN AMERICA. OUR ANNUAL MEETING GATHERS THE MOST INFLUENTIAL VOICES SHAPING THE CAPITAL MARKETS FROM A CROSS-SECTION OF PUBLIC POLICY AND FINANCE. SIFMA COMPLIANCE & LEGAL SOCIETY ANNUAL SEMINAR: SIFMA'S C&L ANNUAL SEMINAR IS THE PREEMINENT MEETING PLACE FOR COMPLIANCE AND LEGAL PROFESSIONALS IN FINANCIAL SERVICES TO GAIN AN UNDERSTANDING OF WHAT'S NEXT FOR THE MARKETS AND THE CLIENTS WE SERVE. OVER THREE DAYS OF SUBSTANTIVE PROGRAMMING, NETWORKING AND ACTIVITIES, WE GAIN INSIGHTS YOU WON'T FIND ANYWHERE ELSE. OPERATIONS CONFERENCE & EXHIBITION: FOR FIVE DECADES, SIFMA'S OPERATIONS CONFERENCE & EXHIBITION HAS GATHERED OPERATIONS, TECHNOLOGY, AND REGULATORY LEADERS TO DRIVE FORWARD INDUSTRY-WIDE INITIATIVES THAT HELPED SHAPE THE EVOLUTION OF THE U.S. CAPITAL MARKETS. THE SECURITIES INDUSTRY INSTITUTE: THE SECURITIES INDUSTRY INSTITUTE (SII) IS THE PREMIER EXECUTIVE DEVELOPMENT PROGRAM FOR SECURITIES INDUSTRY PROFESSIONALS, HOSTED BY SIFMA AND WHARTON. FOR 71 YEARS, SIFMA AND THE WHARTON SCHOOL HAVE PARTNERED TO DEVELOP THE INDUSTRY'S HIGH-POTENTIAL RISING LEADERS. OVER THREE CONSECUTIVE YEARS SII PARTICIPANTS DEVELOP LEADERSHIP AND MANAGERIAL SKILLS AND ENHANCE INVESTMENT AND INDUSTRY KNOWLEDGE. SII'S COST-EFFECTIVE TALENT DEVELOPMENT APPROACH DELIVERS ACTIONABLE KNOWLEDGE THAT IS IMPLEMENTABLE TODAY: THE MISSION OF THE INSTITUTE IS TO EQUIP EACH PARTICIPANT WITH PRACTICAL INFORMATION, IDEAS, AND ANSWERS DIRECTLY APPLICABLE TO THEIR PRESENT AND FUTURE RESPONSIBILITIES. ITS CUSTOMIZED CURRICULUM IS REDESIGNED EACH YEAR TO REFLECT THE NEEDS OF AN EVER-CHANGING INDUSTRY LANDSCAPE. |
| FORM 990, PART VI, SECTION A, LINE 6 | MEMBERS SIFMA IS A MEMBERSHIP ORGANIZATION WITH THE FOLLOWING CLASSES OF MEMBERSHIP: BROKER-DEALER MEMBERS AND ASSET MANAGER MEMBERS EACH BROKER-DEALER MEMBER AND ASSET MANAGER MEMBER SHALL BE ENTITLED TO VOTE WITH RESPECT TO THE ELECTION OF DIRECTORS AND OTHER MATTERS AS MAY BE SUBMITTED AT ANY ANNUAL OR OTHER MEETING OF MEMBERS ENTITLED TO VOTE. ASSOCIATE MEMBERS ASSOCIATE MEMBERS SHALL NOT BE ENTITLED TO VOTE WITH RESPECT TO THE ELECTION OF DIRECTORS AND OTHER MATTERS AS MAY BE SUBMITTED AT ANY ANNUAL OR OTHER MEETING OF MEMBERS ENTITLED TO VOTE, AND SHALL NOT BE ELIGIBLE TO SERVE AS DIRECTORS OF THE ASSOCIATION. |
| FORM 990, PART VI, SECTION A, LINE 7A | SIMFA IS A MEMBERSHIP ORGANIZATION AND MEMBERS HAVE THE FOLLOWING POWERS WITH RESPECT TO THE GOVERNING BODY: BROKER-DEALER MEMBERS AND ASSET MANAGER MEMBERS: EACH BROKER-DEALER MEMBER AND ASSET MANAGER MEMBER SHALL BE ENTITLED TO VOTE WITH RESPECT TO THE ELECTION OF DIRECTORS AND OTHER MATTERS AS MAY BE SUBMITTED AT ANY ANNUAL OR OTHER MEETING OF MEMBERS ENTITLED TO VOTE. ASSOCIATE MEMBERS: ASSOCIATE MEMBERS SHALL NOT BE ENTITLED TO VOTE WITH RESPECT TO THE ELECTION OF DIRECTORS AND OTHER MATTERS AS MAY BE SUBMITTED AT ANY ANNUAL OR OTHER MEETING OF MEMBERS ENTITLED TO VOTE, AND SHALL NOT BE ELIGIBLE TO SERVE AS DIRECTORS OF THE ASSOCIATION. |
| FORM 990, PART VI, SECTION B, LINE 11B | FORM 990 REVIEW PROCESS: THE ACCOUNTING DEPARTMENT OF THE ORGANIZATION PREPARES THE FORM 990 BASED ON AUDITED FINANCIAL INFORMATION. THE DRAFT FORM 990 IS THEN REVIEWED BY MANAGEMENT AND AN EXTERNAL INDEPENDENT ACCOUNTING FIRM. THE AUDIT AND FINANCE COMMITTEE WILL REVIEW THE FINAL DRAFT SIGNED OFF BY THE EXTERNAL INDEPENDENT TAX ACCOUNTANT. THIS REVIEW WILL BE NOTED AS AN AGENDA ITEM AT AN AUDIT AND FINANCE COMMITTEE MEETING AND WILL BE DULY NOTED IN THE MINUTES. THE FORM 990 WILL BE PROVIDED TO ALL VOTING MEMBERS OF THE BOARD OF TRUSTEES PRIOR TO SUBMISSION TO THE IRS. |
| FORM 990, PART VI, SECTION B, LINE 12C | CONFLICT OF INTEREST POLICY MONITORING & ENFORCEMENT: ANY EMPLOYEE IN A POSITION WHERE HIS OR HER OBJECTIVITY MAY BE QUESTIONED BECAUSE OF AN INDIVIDUAL INTEREST OR FAMILY OR PERSONAL RELATIONSHIP IS REQUIRED TO NOTIFY THE GENERAL COUNSEL. SIMILARLY, ANY EMPLOYEE AWARE OF ANY TRANSACTION OR RELATIONSHIP THAT COULD REASONABLY BE EXPECTED TO GIVE RISE TO A PERSONAL CONFLICT OF INTEREST IS REQUIRED TO DISCUSS THE MATTER PROMPTLY WITH THE GENERAL COUNSEL. IN ADDITION, ONCE EVERY YEAR, DIRECTORS, OFFICERS, KEY EMPLOYEES, AND ALL THE EMPLOYEES OF SIFMA ARE REQUIRED TO REVIEW A COPY OF THE CONFLICT OF INTEREST POLICY AND TO ACKNOWLEDGE IN WRITING THAT HE OR SHE IS COMPLIANT. |
| FORM 990, PART VI, SECTION B, LINE 15 | PROCESS FOR DETERMINING COMPENSATION: THE EXECUTIVE COMMITTEE AND THE BOARD ACTING AS COMPENSATION COMMITTEE HIRE CONSULTANTS TO REVIEW COMPARABLE PACKAGES FOR ANY NEW INCOMING CEO AND OFFICERS. THE CONSULTANT PRESENTS DATA FOR COMPARABLE POSITIONS BOTH LOCALLY AND NATIONALLY AND THE BOARD'S EXECUTIVE COMMITTEE MAKES THE FINAL DECISION FOR THE SALARY PACKAGE. CURRENTLY, THE CEO AND COO HAVE EMPLOYMENT CONTRACTS WHICH WERE APPROVED BY THE EXECUTIVE COMMITTEE AND THE BOARD, GOVERNING ANNUAL SALARY INCREASE AND ANY BONUS PAYMENTS. FOR THE REMAINING SENIOR OFFICERS, THE ANNUAL SALARY INCREASE AND BONUS PAYMENTS ARE DETERMINED BY THE ANNUAL EVALUATION PROCESS WHICH MUST BE APPROVED BY THE BOARD'S COMPENSATION COMMITTEE. |
| FORM 990, PART VI, SECTION C, LINE 19 | AVAILABILITY OF DOCUMENTS ANY REQUEST FOR GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS WILL BE PROVIDED UPON REQUEST AT MANAGEMENT'S DISCRETION. |
| FORM 990, PART XI, LINE 9: | POST-RETIREMENT RELATED CHANGES OTHER THAN NET PERIODIC POST RETIREMENT BENEFIT COST 1,995,277. |