SIFMA Statement on Final DOL Investment Advice Rule

Washington, D.C., December 15, 2020 – SIFMA today released the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, regarding the final rule from Department of Labor (DOL) on prohibited transaction exemptions and investment advice:

“SIFMA appreciates the work of the Department of Labor on issuing a class exemption for the receipt of fees in connection with the provision of investment advice. The exemption is a step forward as it will encourage a variety of investment advice approaches and it will provide retirement investors with the services they seek. SIFMA supports permitting financial professionals to provide investment advice in a flexible fashion. We appreciate that the Department has sought to align this new class exemption with the SEC’s Regulation Best Interest, which the industry is working diligently to implement.”


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 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). For more information, visit