SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr. regarding the final Department of Labor (DOL) fiduciary rule:
“We are closely examining the details of the final rule released today. As proposed, the rule conflicted with existing federal securities regulation – specifically Regulation Best Interest – and would likely limit investors’ access to advice and education. Stakeholders have been quite explicit on the need to address these conflicts and we will be reviewing the conflict-related text as well as other relevant text on the material flaws we raised in our comments.”