In response to an SEC request for comment on broker-dealer and investment adviser digital engagement practices, SIFMA asserted that existing regulations are sufficient to address potential misconduct.
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SIFMA CEO Kenneth E. Bentsen, Jr. and several trade associations criticized the recently revised Massachusetts Securities Division proposed fiduciary conduct standard.
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.
SIFMA summarized the SEC's "Regulation Best Interest" rulemaking package.
In a comment letter submitted to the SEC, SIFMA expressed qualified support for proposed Regulation Best Interest and offered recommendations for improvements.