Waters Amendment to Defund Reg BI Would Undermine Investor Protection

Washington, D.C., June 25, 2019 – SIFMA today released the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, expressing strong opposition to an amendment being considered (Waters Amendment #78) that would prohibit the Securities and Exchange Commission (SEC) from implementing, administering, enforcing or publicizing the final rules and interpretations of SEC’s Regulation Best Interest (Reg BI):

“Reg BI is the most comprehensive enhancement of standard of conduct rules governing broker-dealers since the enactment of the Securities Exchange Act of 1934. The rule materially and unalterably raises that standard consistent with Section 913 of the Dodd Frank Act. As promulgated, brokers must be compliant by June 30, 2020. It makes no sense to halt the orderly implementation of this important new set of regulations that would provide strong investor and consumer protections for forty-three million households.”

SIFMA sent a letter urging Members of Congress to vote ‘no’ on the amendment, which can be found here.


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.