SIFMA Statement on New DOL Proposal

Washington, D.C., June 29, 2020 – SIFMA today released the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, regarding the newly released rule from Department of Labor (DOL) on prohibited transaction exemptions and fiduciary advice:

“We applaud the Department of Labor’s work to preserve investor choice, which allows for many different investment advice and education options consistent with the Securities and Exchange Commission’s new heightened standard Regulation Best Interest (Reg BI).  The standards of conduct under the proposed DOL exemption will be aligned with the standards required by Reg BI, offering compliance efficiencies.  In addition, putting back in the Federal Register the five-part test that applies for fiduciary advice in light of the 2018 decision from the 5th U.S. Circuit Court of Appeals provides important clarification of the law.”


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