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This advisory opinion stems from a request for guidance from SIFMA and concerns the application of the fiduciary and prohibited transaction provisions of ERISA to certain "cleared swap" transactions conducted pursuant to provisions of the Dodd-Frank Act. It addresses: Whether clearing members are fiduciaries in exercising contractually determined rights in the event of a plan default or other specified events; Whether clearing members and CCPs are parties in interest to plans; and Whether the services performed, the guarantee of customer positions, and aforementioned exercise of rights by

SIFMA released its response to a data request by the SEC to help inform the agency's cost-benefit analysis of a uniform fiduciary standard for broker-dealers and investment advisers under Dodd-Frank Section 913. For the first time, the industry provided estimates on the cost of complying with a uniform fiduciary standard. In its letter, SIFMA: Stated its support for a uniform fiduciary standard of conduct, though it also stated that such a uniform standard must take account of the fact that broker-dealers provide a different service to customers than to investment advisers ( e.g ., broker

SIFMA President and CEO Kenneth E. Bentsen, Jr. issued a statement regarding the decision by the Department of Labor ("DOL") to delay its August 2014 fiduciary rule until at least January 2015. In his statement, Mr. Bentsen said that, from day one, the fiduciary rule has been a "troubled proposal" that would harm the ability of American investors and small business owners. Mr. Bentsen asserted that the DOL's actions "undermine the SEC's work to improve upon the standard of conduct owed by broker-dealers and investment advisers to retail clients." See: SIFMA Statement.

The American Council of Life Insurers ("ACLI") submitted a statement to the Health, Education, Labor and Pensions Subcommittee criticizing the Department of Labor's proposed fiduciary duty rule. The ACLI statement was submitted at a Subcommittee hearing titled "Restricting Access to Financial Advice: Evaluating the Costs and Consequences for Working Families and Retirees." According to ACLI, the Department of Labor's proposed fiduciary rule will "restrict activities that encourage low-to-moderate-income Americans to save, stifle the formation of small business workplace benefit plans, and

In an editorial published in The Hill , SIFMA CEO and President Kenneth E. Bentsen argued that the DOL's "best-interest proposal" for financial advisers could limit American citizens' investment choices and prevent them from accessing the advice they need in order to save for retirement. S ee: Mr. Bentsen's Statement. Related news: ACLI Criticizes DOL's Proposed Fiduciary Rule (June 30, 2015); U.S. Department of Labor Issues Proposed Rule Regarding Fiduciary Definition (April 14, 2015).