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SIFMA submitted a comment letter today on the Department of Labor’s notice of proposed rulemaking to revise its interpretation of independent contractor status under the Fair Labor Standards Act. The proposed rule would replace the existing six-factor “economic realities” test with a similar but streamlined test that ultimately answers whether a worker is in business for themselves or is economically dependent on the employer for work.
“The proposed test and weighting of factors appropriately reflects and accommodates the economic realities of SIFMA’s independent broker-dealer members and their financial advisors who choose to operate as independent contractors,” SIFMA wrote in the letter. “The proposed test would continue to provide financial advisors with flexibility in how they operate their business and further support and aid their efforts in for advising and helping American families build secure financial futures.”
SIFMA’s full comment expanding on these views and several suggested revisions can be found here.
SIFMA also joined several financial services trade associations in a joint letter, found here.
