SIFMA Statement on the Final DOL Fiduciary Rule

Washington, D.C., April 23, 2024 - SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr. regarding the final Department of Labor (DOL) fiduciary rule:

"We are closely examining the details of the final rule released today. As proposed, the rule conflicted with existing federal securities regulation - specifically Regulation Best Interest - and would likely limit investors' access to advice and education. Stakeholders have been quite explicit on the need to address these conflicts and we will be reviewing the conflict-related text as well as other relevant text on the material flaws we raised in our comments."

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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry's nearly 1 million employees, we advocate for legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.