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SIFMA President Says Focus Will Be on DOL Fiduciary Rule, Protection of Seniors and Cybersecurity

Policy with such far reaching implications, no matter how meritorious the intent, should not be developed by innuendo or character assassination, particularly when the proponents lack the empirical data to support their policy position.
Kenneth Bentsen, SIFMA CEO
Policy with such far reaching implications, no matter how meritorious the intent, should not be developed by innuendo or character assassination, particularly when the proponents lack the empirical data to support their policy position.
Kenneth Bentsen, SIFMA CEO

SIFMA President and CEO Kenneth Bentsen discussed three priorities for SIFMA: (i) the newly-adopted DOL "conflict of interest" rule, (ii) protection for senior investors, and (iii) cybersecurity initiatives.

Mr. Bentsen remarked that SIFMA remains concerned that the DOL rule could raise costs and reduce choices for investors. Mr. Bentsen also raised concerns with the rulemaking process, finding that the original premise for the rule lacked empirical basis and that the government's argument for the rule unfairly maligned the financial services industry, noting that "policy with such far reaching implications, no matter how meritorious the intent, should not be developed by innuendo or character assassination, particularly when the proponents lack the empirical data to support their policy position."

Mr. Bentsen noted that SIFMA will continue to push for updated laws and regulations to protect senior clients, including laws that would provide advisors with a reporting pathway to governmental agencies and the ability to temporarily hold transactions to permit those agencies to investigate. In particular, Mr. Bentsen noted SIFMA's support for the so-called "Senior $afe Act" (i.e., S. 2216).

Finally, he conveyed that cybersecurity will remain a top industry priority and highlighted recent legislation that will allow SIFMA to more easily share information with U.S. regulators and other nations.

Mr. Bentsen's remarks were delivered at SIFMA's 38th Annual Private Client Conference.

Primary Sources

  1. SIFMA President Bentsen's Remarks

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Tags

Regulated Activities
Data Protection / Cybersecurity Suitability and Consumer Protection
Sub-Activity
DOL Fiduciary Rule
Body of Law
ERISA / Pension
Jurisdiction
US - Federal
Organization
Trade / Industry Associations
Sub-Author
SIFMA