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SIFMA Statement On New DOL Proposal

Date 29/06/2020

SIFMA today released the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, regarding the newly released rule from Department of Labor (DOL) on prohibited transaction exemptions and fiduciary advice:

“We applaud the Department of Labor’s work to preserve investor choice, which allows for many different investment advice and education options consistent with the Securities and Exchange Commission’s new heightened standard Regulation Best Interest (Reg BI).  The standards of conduct under the proposed DOL exemption will be aligned with the standards required by Reg BI, offering compliance efficiencies.  In addition, putting back in the Federal Register the five-part test that applies for fiduciary advice in light of the 2018 decision from the 5th U.S. Circuit Court of Appeals provides important clarification of the law.”