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Proposed Best Interests of the Customer Standard for Broker-Dealers

Summary

SIFMA’s “Proposed Best Interests of the Customer Standard for Broker-Dealers” is a comprehensive, investor-focused, regulatory solution that works within the existing regulatory framework. For over six years – predating the passage of the Dodd-Frank Act – SIFMA has strongly supported SEC action to establish a uniform fiduciary standard for broker-dealers and investment advisers when providing personalized investment advice about securities to retail customers. SIFMA supports the securities regulators, specifically FINRA and the SEC, moving forward to establish a uniform best interests of the customer standard for broker-dealers when providing personalized advice about securities to retail customers. Any consideration by the DOL to adopt a best interests standard should be consistent with a prospective FINRA/SEC standard.

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