SIFMA today issued the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, on the announcement that the Department of Labor (DOL) will delay its fiduciary rule until at least January 2015 from August 2014:
"From day one, this has been a troubled proposal by DOL that will harm the ability of everyday American investors and small business owners to save for retirement. While this extended timeline provides a temporary delay, we believe that it is the responsibility of the SEC to act, under the authority provided to them by the Dodd-Frank Act. Premature actions by the DOL, whether now or in January, could undermine the SEC's work to improve upon the standard of conduct owed by broker-dealers and investment advisers to retail clients. Any proposal moving forward should appropriately reflect the input of all market participants and continue to protect investor choice and access to investment guidance."
