SIFMA, SIFMA AMG Statement on Introduction of Legislation to Address the SEC’s PDA Rule

Washington, D.C., February 6, 2024 – SIFMA and SIFMA AMG today issued the following statement from Executive Vice President of Advocacy Josh Wilsusen regarding the introduction of the Protecting Innovation in Investment Act.

“SIFMA strongly believes that the SEC should withdraw this proposal, which would be a radical departure from decades of federal securities law and completely upend today’s well-functioning regulatory regimes that ensure investors’ interests are protected through Regulation Best Interest and the Investment Advisers Act’s fiduciary duty, among other requirements. Broker-dealers and investment advisers rely on the technologies targeted by this proposal to provide critical educational tools and financial benefits to their customers, especially low- to middle-income retail investors and retirement savers. This proposal would curtail access to these important technologies, harming the very investors the proposal aims to protect. We thank Senators Cruz and Hagerty for their leadership on this issue.”


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 one million employees, we advocate on 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).

SIFMA’s Asset Management Group (SIFMA AMG) brings the asset management community together to provide views on U.S. and global policy and to create industry best practices. SIFMA AMG’s members represent U.S. and global asset management firms – both independent and broker-dealer affiliated – whose combined assets under management exceed $62 trillion. The clients of SIFMA AMG member firms include, among others, tens of millions of individual investors, registered investment companies, endowments, public and private pension funds, UCITS and private funds such as hedge funds and private equity funds