The Securities Industry and Financial Markets Association (SIFMA) today applauded the Securities and Exchange Commission (SEC) for its decision to open rule 15a-6 for comments and revision. The rule governs both how overseas investment professionals may approach potential U.S. clients and how those parties conduct business.
“Today’s action by the SEC recognizes that our industry operates in a truly global, interconnected environment,” said Ira Hammerman, senior managing director and general counsel of SIFMA. “By opening up this two-decade old rule for reform, the Commission helps ensure that U.S. markets remain competitive, instead of shackled by arcane and duplicative regulations written before the advent of e-mail or the Internet. Modernizing how overseas brokers interact with U.S. investors is a tangible step forward in the movement to make the U.S. more competitive in the global marketplace.”