SIFMA raised concerns on a MSRB-proposed rule to codify previously issued interpretive guidance on conduct requirements applicable to solicitor municipal advisors.
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The Managed Funds Association urged the SEC to adopt an approach that "protects investors, enhances regulatory coordination, promotes market transparency and increases market fairness and efficiency."
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 filed an amicus curiae brief with the U.S. Supreme Court in Merrill Lynch, Pierce, Fenner & Smith, Inc., et al. v. Manning . The case presents the question of whether claims that are based on state law but that relate to violations of the Exchange Act must be heard in federal court. The Third Circuit decided that Section 27 of the Exchange Act did not confer exclusive federal jurisdiction over the claims (which relate to alleged improper short sales that, under federal law, would arguably violate Regulation SHO). SIFMA asserts that the court of appeals' decision is "inconsistent with the