Proposed Framework for Rulemaking Under Section 913 (Fiduciary Duty) of the Dodd-Frank Act

SIFMA provides comments to the Securities and Exchange Commission (SEC) on a proposed Framework for Rulemaking under Section 913 (Fiduciary Duty) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), File No. 4-604. The proposal would establish a uniform fiduciary standard of conduct for broker-dealers and investment advisers when providing personalized investment advice about securities to retail customers. SIFMA supports the development of a uniform fiduciary standard of conduct for broker-dealers and investment advisers when providing personalized investment advice about securities to retail customers.

SIFMA offers a framework and principles for rulemaking under Section 913 of the Dodd-Frank Act to help inform the Commission’s rulemaking process; and encourages further deliberation and dialogue about the optimal approach for implementing a uniform fiduciary standard of conduct in accordance with the Dodd-Frank Act that is designed to protect investors, preserve investor choice and access to cost-effective financial products and services, and adapt to the substantially different operating models of broker-dealers and investment advisers.