The Securities Industry and Financial Markets Association (SIFMA) today released the following statement after the Financial Industry Regulatory Authority’s (FINRA) decision to regulate placement agents.
“We applaud today’s decision by FINRA to appropriately regulate and not ban placements agents. The SEC has rightfully recognized the important role registered broker-dealer placement agents play within the securities industry. We have supported stricter rules for placement agents to ensure the integrity of the services placement agents provide and to weed out unregistered actors. We look forward to working with FINRA as they develop these rules.”
The Securities and Exchange Commission, late last year, requested FINRA to promulgate regulations on placement agent activities. You can view FINRA’s response to the SEC here: http://www.sec.gov/comments/s7-18-09/s71809-260.pdf. To view SIFMA’s previous comments on the SEC’s request, click here: http://www.sec.gov/comments/s7-18-09/s71809-166.pdf.