SEC’s Dodd-Frank Act Implementation Efforts Continue

FSI Protecting Your Interests Throughout this Process

The SEC has published their timeline for implementing a series of regulatory initiatives required under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). Of particular interest is the SEC’s current study regarding the obligations and standards of care owed to retail clients receiving personalized investment advice about securities from broker-dealers and investment advisers (Study).

FSI followed up the submission of a detailed comment letter to the SEC in response to their request for comments with meetings with SEC Commissioners Casey, Walter, Aguilar, and Paredes. Additionally, FSI Chair, Mari Buechner, and Vice Chair, Bill Dwyer, along with Dale Brown, FSI’s President & CEO, met with the SEC’s staff task force overseeing the Study. During these meetings, FSI reiterated our support for:

• he adoption of a clearly stated universal fiduciary standard of care;
• Plainly articulated conduct rules;
• Effective customer disclosures; and
• Balanced regulatory supervision of all financial advisors.

Click here to read FSI’s comment letter related to the Study.