Press Releases

Release Date: January 3, 2008
Contact:
Ben Veghte, (202) 962-7358, bveghte@sifma.org

SIFMA Responds to SEC’s RAND Study

Washington, D.C., January 3, 2008 – The Securities and Exchange Commission (SEC) today released a RAND Corporation study comparing how the different regulatory systems that apply to broker-dealers and investment advisers affect investors.  The Securities Industry and Financial Markets Association (SIFMA) commented on the study. 

“SIFMA applauds the SEC’s actions in commissioning the RAND study.  The RAND study confirmed that investing and saving for the future can be a complex and occasionally confusing endeavor,” said Ira Hammerman, senior managing director and general counsel of SIFMA.  “But we must recognize that some of the confusion appears related to the broad range of customer choice.  Any efforts to reduce confusion must ensure we don’t diminish customer choice.  To that end, we urge the SEC to work towards preserving customer choice so that investors have access to products and services best suited for their individual needs.”

“The broker-dealer community is already more heavily regulated and scrutinized than any of its peers or competitors, including financial planners.  This robust regulatory regime, including oversight by FINRA, provides customers with clear disclosure and powerful protections,” added Hammerman. 

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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.