SIFMA: Waters Amendment To Defund Reg BI Would Undermine Investor Protection

SIFMA today released the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, expressing strong opposition to an amendment being considered (Waters Amendment #78) that would prohibit the Securities and Exchange Commission (SEC) from implementing, administering, enforcing or publicizing the final rules and interpretations of SEC’s Regulation Best Interest (Reg BI):

“Reg BI is the most comprehensive enhancement of standard of conduct rules governing broker-dealers since the enactment of the Securities Exchange Act of 1934. The rule materially and unalterably raises that standard consistent with Section 913 of the Dodd Frank Act. As promulgated, brokers must be compliant by June 30, 2020. It makes no sense to halt the orderly implementation of this important new set of regulations that would provide strong investor and consumer protections for forty-three million households.”

SIFMA sent a letter urging Members of Congress to vote ‘no’ on the amendment, which can be found here.