News | 01.07.19
Trade Groups Want More on SEC Proposal
As the SEC mulls changes to its standards-of-conduct package proposal, trade associations in Washington are seeking further clarification while keeping an eye on states that are considering similar regulations. Kenneth Bentsen Jr., president and CEO of the Securities Industry and Financial Markets Association (SIFMA), implored state officials at a press briefing last month to hold off on enacting further regulation with respect to the fiduciary duty of financial professionals until the SEC issues its final rule on its package, also known as Reg BI, which the agency said it will do by September. "The states should really wait and see what the SEC does," said Kevin Carroll, SIFMA managing director and associate general counsel. "They should see what the contours of Reg BI are before undertaking their own efforts. Maybe Reg BI in its final form will answer all questions and issues the states were considering addressing."
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