SIFMA Submits Comments to FINRA on FINRA's Markup Proposal

SIFMA submitted the attached comments (mostly criticisms) to FINRA on its proposal regarding markups, commissions and fees (FINRA Reg. Notice 13-07).

SIFMA noted that it remains concerned that the proposed service fee schedule for retail investors presents unnecessary burdens and application difficulties while offering very little new information not already available to retail customers. In addition, SIFMA expressed concerns that the introduction of certain new terms and requirements risks confusion.

SIFMA also criticized numerous aspects of the proposal, including the application of the markup rule to illiquid securities, particularly in connection with transactions involving QIBs.

Click hereto view comment letter in full (links externally to SIFMA website).