SIFMA Statement on Massachusetts Fiduciary Rule

Washington, D.C., February 21, 2020 – SIFMA today issued the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO on a final rule issued in Massachusetts to create a state-specific fiduciary standard for broker-dealers and their representatives:

“We look forward to reviewing the rule with particular attention on whether it is consistent with existing federal fiduciary and best interest standards to which our members are subject, or whether it may conflict in ways – whether intended or unintended – that would impede our members from best serving their retail clients.”

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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s nearly 1 million employees, we advocate for legislation, regulation and business policy, affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. 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.