*Letters

SIA Submits Comments to the NASD on a Proposal Regarding Compensation for the Sale of Investment Company Securities

Published on:
October 17, 2003

The Securities Industry Association (SIA)* provides comments to the National Association of Dealers (NASD) on a proposal regarding compensation for the sale of investment company securities. SIA supports the proposal and its measure to require members to disclose in writing “revenue sharing” and “differential cash compensation” arrangements relating to the sale of investment company securities when a customer first opens an account or purchases fund shares. SIA recommends that NASD coordinate rule-making regarding differential compensation and revenue sharing arrangements with other regulators and legislators, to provide broker-dealers with flexibility as to the methodology for addressing these, and possibly other, broker-dealer related mutual fund disclosures, and define “differential compensation”in a simple and straightforward manner.

*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.

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