SIFMA, formerly the Securities Industry and Financial Markets Association, also opposes state fiduciary initiatives until the SEC finalizes its Regulation Best Interest proposal, which SEC Chairman Jay Clayton says he expects to release by the second quarter.
“We have concerns with states being active while the SEC is moving ahead,” says Lisa Bleier, managing director and associate general counsel of federal government relations at SIFMA. “If each state comes out and works on its own fiduciary approach, that could inadvertently create conflicts and complexities for anyone operating in multiple states, including investors.”