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AFP Press Release

AFP to Testify at Joint CFTC/SEC Hearings on OTC Derivatives

Board of Directors' Vice Chairman to Defend Corporate Risk Management Practices

Bethesda, MD - Association for Financial Professionals Vice Chairman Michael Connolly will offer testimony on the impact of proposed new regulations of over-the-counter (OTC) derivatives on September 3 before a joint hearing of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).

Connolly, Treasurer of Tiffany & Co., will participate on a panel to address the effects of regulation of OTC derivatives on investment funds. During this session, CFTC and SEC leaders will hear directly from end-users of these financial tools to assess the impact that regulation will have going forward. The investment funds panel is part of a two-day CFTC/SEC joint meeting on harmonization of regulation that began today.

"The members of AFP fully support the idea of improving the regulation of the OTC derivatives market and improving the ability to manage and minimize systemic risk. However, we are concerned that reform will be too singularly focused on the much publicized and more exotic and speculative uses of derivatives," said Connolly in his written statement to the Commissioners. "Consequently, as an unintended result, businesses that use derivatives responsibly to contain costs and manage risks associated with their ongoing business operations, as well as their shareholders, may lose the benefit of these risk management strategies."

AFP represents over 16,000 finance and treasury professionals from over 5,000 corporations, including Fortune 1,000 and the largest of the middle market companies. AFP membership includes a significant number of corporate finance officers who are responsible for the protection and management of corporate cash and cash flows, including hedging the risks to these cash flows from fluctuations in commodity prices, foreign exchange rates, and interest rates. Corporate finance officers are also responsible for managing both the short- and long-term investments of their companies and the market risk associated with these investments. Related links:


About AFP®
The Association for Financial Professionals (AFP) serves a network of more than 16,000 treasury and finance professionals. Headquartered in Bethesda, MD, AFP provides members with breaking news, economic research and data on the evolving world of treasury and finance, as well as world-class treasury certification programs, networking events, financial analytical tools, training, and public policy representation to legislators and regulators. AFP is the daily resource for treasury and finance professionals.

AFP's global reach extends to over 150,000 treasury and financial professionals worldwide, including AFP of Canada, AFP's gtnews, an on-line resource for the treasury and finance community, and the London-based bobsguide, a financial IT solutions network.

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