Complaint Filed in the U.S. District Court for the State of Missouri


SIFMA filed a complaint in the U.S. District Court Western District for the State of Missouri on two new Missouri Securities Division rules (“Rules”) that force financial firms and professionals to obtain client signatures on state-scripted documents before providing advice that “incorporates a social objective or other nonfinancial objective.” The state-mandated scripts require financial firms and clients to acknowledge that incorporating these objectives “will result” in investments and advice “that are not solely focused on maximizing a financial return” for the client. The Rules also require firms to provide the written scripts to clients annually, and to secure new client signatures on the scripts “no less than every three (3) years.”

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