Release Date: April 5, 2017
Contact: Carol Danko, 202-962-7390, firstname.lastname@example.org
SIFMA Statement on DOL's 60-Day Delay of the Fiduciary Rule
Washington, DC, April 5, 2017 - SIFMA today issued the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, on the Department of Labor's final rule to delay the fiduciary rule for 60 days:
"We welcome the Department of Labor's 60-day delay of the fiduciary rule to avoid customer confusion and market disruption, and comply with the President's request that the Department undertake a wholesale review of the rule's consequential impacts on investors.
"However, we are concerned that the delay rule contains convoluted extraneous conditions that are not only based on imperfect data but contradicts the intent of the Presidential memorandum of February 3rd. The memorandum directs a review of the entire rule and its impact, not part. We trust the Department will undertake a sufficiently substantive review as requested by the President to ensure investors are not unduly harmed."
SIFMA is the voice of the U.S. securities industry. We represent the broker-dealers, banks and asset managers whose nearly 1 million employees provide access to the capital markets, raising over $2.5 trillion for businesses and municipalities in the U.S., serving clients with over $20 trillion in assets and managing more than $67 trillion in assets for individual and institutional clients including mutual funds and retirement plans. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.