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The Securities
and Exchange Commission (SEC) today released a RAND Corporation study comparing
how the different regulatory systems that apply to broker-dealers and
investment advisers affect investors. The
Securities Industry and Financial Markets Association (SIFMA) commented on the
study.
“SIFMA applauds the
SEC’s actions in commissioning the RAND study.
The RAND study confirmed that investing and saving for the future can be
a complex and occasionally confusing endeavor,” said Ira Hammerman, senior
managing director and general counsel of SIFMA. “But we must recognize that some of the confusion appears related
to the broad range of customer choice. Any
efforts to reduce confusion must ensure we don’t diminish customer choice. To that end, we urge the SEC to work towards
preserving customer choice so that investors have access to products and
services best suited for their individual needs.”
“The broker-dealer community is already more
heavily regulated and scrutinized than any of its peers or competitors,
including financial planners. This
robust regulatory regime, including oversight by FINRA, provides customers with
clear disclosure and powerful protections,” added Hammerman.
