SIFMA urged the New Jersey Bureau of Securities to wait for Regulation Best Interest to be fully implemented before enacting a proposal that would impose state-specific fiduciary duties on broker-dealers.
A recent post on SIFMA's "Pennsylvania + Wall" blog is highly critical of a recently published academic report. SIFMA argues that the report makes "overly broad and inflated claims" concerning levels of misconduct among financial advisors.
SIFMA expressed support for the Senior$afe Act of 2015. In a letter to Senators Susan Collins (R-ME) and Claire McCaskill (D-MO), SIFMA stated that the act would prevent financial exploitation and "better protect firms and advisors who are looking out for the best interest of their elder clients".
SIFMA recommended changes to Regulation S-X to "improve the quality of disclosure for investors while making the registration process less burdensome for the [SEC] and registrants." SIFMA made the following recommendations: S-X Rule 1-02(w) : (i) replace the income test with a test based on the...