SIFMA, SIFMA AMG Statement On Introduction Of Legislation To Address The SEC’s PDA Rule

SIFMA and SIFMA AMG today issued the following statement from Executive Vice President of Advocacy Josh Wilsusen regarding the introduction of the Protecting Innovation in Investment Act.

“SIFMA strongly believes that the SEC should withdraw this proposal, which would be a radical departure from decades of federal securities law and completely upend today’s well-functioning regulatory regimes that ensure investors’ interests are protected through Regulation Best Interest and the Investment Advisers Act’s fiduciary duty, among other requirements. Broker-dealers and investment advisers rely on the technologies targeted by this proposal to provide critical educational tools and financial benefits to their customers, especially low- to middle-income retail investors and retirement savers. This proposal would curtail access to these important technologies, harming the very investors the proposal aims to protect. We thank Senators Cruz and Hagerty for their leadership on this issue.”