Press Releases
Release Date: September 5, 2007
Contact:
Jeannie Bunton, 202-216-2067, jbunton@sifma.org
SIFMA: Investor trust paramount, bad actors that prey on seniors must be punished
Prevention, investor education remain high priority
Washington, D.C., September 5, 2007 – The Securities Industry and Financial
Markets Association (SIFMA) president and CEO, Marc E. Lackritz commended the
Senate Special Committee on Aging for its hearing, held today, on preventing
senior fraud. The hearing was chaired by Senator Herb Kohl
(D-WI).
“Trust is our most
precious asset. Those who exploit America’s
seniors should be prosecuted to the fullest extent of the law,” said Lackritz.
Lackritz added, “Our
industry prides itself on setting high ethical standards among our
professionals and we are deeply committed to earning the public’s trust and
confidence. Further, the securities
industry is one of the most highly regulated sectors of the economy. SIFMA will continue to work with Congress,
regulators, and self-regulatory organizations to ensure effective compliance,
self-regulation and prevention of fraud through robust enforcement and investor
education.”
Background:
- At the
national level, federal regulators have revised rules and regulations regarding
sales/disclosure of financial products, including variable annuities. FINRA has also proposed changes to
disclosure and supervision of annuities.
- SIFMA is
working with NASAA to develop model senior designation legislation to ensure that professional titles and
designations are not used in an unclear or misleading manner.
- SIFMA’s award-winning financial
education programs include both youth outreach and adult investor
education initiatives. Adult
education resources include www.pathtoinvesting.org,
www.tomorrowsmoney.org and www.investinginbonds.org.
- Youth outreach focuses on the curriculum-based Stock Market Game Program (SMGP) and
InvestWrite, its national student essay competition. SMGP helps students learn about the
economy and how the capital markets work, as well as the importance of
long-term saving and investing.
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The Securities Industry and Financial Markets Association brings together the shared interests of more than 650 securities firms, banks and asset managers. SIFMA's mission is to promote policies and practices that work to expand and perfect markets, foster the development of new products and services and create efficiencies for member firms, while preserving and enhancing the public's trust and confidence in the markets and the industry. SIFMA works to represent its members’ interests locally and globally. It has offices in New York, Washington D.C., and London and its associated firm, the Asia Securities Industry and Financial Markets Association, is based in Hong Kong.