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25 Matching News Items |
| 1. |
Testimony of Securities Industry and Financial Markets Association to ERISA Advisory Council re Revenue Sharing and Disclosure (PDF)
Securities Industry and Financial Markets Association [SIFMA] 
Sept. 26, 2007
Excerpt: I will begin by providing some background information about revenue sharing arrangements and the basis upon which they are determined. In providing this background information, I will talk about the confusion created by the use of the term 'revenue sharing' and emphasize the need for greater clarity in the terminology used to describe different types of revenue streams. I will then turn to address the subject of guidance that might be issued by the Department of Labor regarding the proper use of any plan assets resulting from a plan's receipt of these payments, and how any such assets should be allocated to participants.
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| 2. |
SIFMA Lawsuit Claims Missouri Anti-ESG Rules Are Pre-Empted by ERISA
PLANSPONSOR; free registration may be required
Aug. 14, 2023
"The Securities Industry and Financial Markets Association [SIFMA] filed a lawsuit ... challenging two regulations enacted by the state of Missouri that require additional recordkeeping for advisers and brokers recommending or selecting investments with a 'non-financial objective.' The rules took effect on July 30." [SIFMA v. Ashcroft, No. 23-4154 (D. Mo. complaint filed Aug. 10, 2023)]
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| 3. |
SIFMA Submits Comments and New Evidence of the DOL Fiduciary Rule's Negative Impact on Retirement Savers
Securities Industry and Financial Markets Association [SIFMA]
Aug. 10, 2017
"SIFMA provides the following to assist in the DOL's review of the Rule: [1] data detailing the negative impact to investors as firms move to implement the Rule and Exemptions; [2] An explanation of why it is unnecessary to create a new private right of action to change the standard of conduct in the financial services sector; [3] Changes to the regulatory language needed to help make this Rule work for retirement savers; [4] Comments regarding the Exemptions; and [5] A proposed new principles-based exemption that protects investors and provides certainty to service providers seeking to comply with the Rule's intent." [See full text of comment letter and Deloitte study commissioned by SIFMA.]
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| 4. |
SIFMA Comment Letter to DOL on Proposed Delay and Reconsideration of Fiduciary Rule (PDF)
Securities Industry and Financial Markets Association [SIFMA]
Apr. 17, 2017
128 pages. "[T]he path chosen by the former Administration has proven to be impractical, unworkable, unrealistic and therefore, unlikely to lead to better financial results for retirement savers.... [1] It limits products and services and makes both more costly to retirement investors. [2] It has disrupted the industry in such a way that millions of retirement savers will be unable to purchase lifetime income options ... [3] The exemptions' reliance on private plaintiffs to enforce the Rule significantly increases the probability of meritless litigation and will likely lead to even further increases to the costs of products and services[.]"
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| 5. |
SIFMA Comment Letter to DOL on Its Fiduciary Rule Proposal
Securities Industry and Financial Markets Association [SIFMA]
July 20, 2015
"The Department has greatly expanded the scope of service providers subject to the fiduciary requirements of ERISA and the Code ... while creating very limited, inflexible, and prescriptive exceptions and exemptions that do not work and will not be in the best interest of American retirement investors. The net effect is that this proposal, if enacted, would limit the ability of Americans to continue to receive personalized investment guidance for retirement plan accounts, which would result in a less secure retirement for many Americans already seeking to save and invest for their financial future."
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| 6. |
SIFMA Comment Letter to EBSA on Proposed Delay of Fiduciary Rule
Securities Industry and Financial Markets Association [SIFMA]
Mar. 14, 2017
"Our members have spent hundreds of millions of dollars getting ready to comply with the Rule, and a group of our largest members alone estimate that they would need to spend an additional $300 million to be ready for the April 2017 compliance deadline. If the entire industry is in roughly the same position, more than a billion dollars must still be spent to be ready for the April applicability date. Further, members need to plan for the January 2018 compliance date. Without a corresponding extension of the transition period, members will continue to expend substantial resources."
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| 7. |
SIFMA Comment Letter to SEC on Recommendations of the Investor as Purchaser Subcommittee on Broker-Dealer Fiduciary Duty (PDF)
Securities Industry and Financial Markets Association [SIFMA]
Oct. 17, 2013
"[T]he Subcommittee (and indeed, the Committee) does not have a single broker-dealer representative. A representative from our industry could provide the necessary perspective to help generate more practical, consensus-based recommendations that would benefit all parties, but most particularly retail investors.... Section 913 should be implemented through rulemaking under the Exchange Act for broker-dealers.... [This] rulemaking should require broker-dealers to provide customers with uniform, plain English disclosures.... Section 913 should not be abandoned in favor of an approach that Congress considered and rejected -- namely, tinkering with the broker-dealer exemption."
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| 8. |
SIFMA Submits Comments to DOL on Proposed Safe Harbors for State-Run Retirement Plans
Securities Industry and Financial Markets Association [SIFMA]
Jan. 19, 2016
"SIFMA believes this proposal is a step in the wrong direction ... It does not address the fundamental issues that prevent Americans from saving more for retirement. It could lead to 50 different state plans throughout the country. It puts an additional cost burden on states and crowds out the private market. States would be highly unlikely to provide the same level of education, service and guidance as private sector providers."
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| 9. |
SIFMA Raises Concerns with Proposed Fiduciary Standard at DOL Hearing
Securities Industry and Financial Markets Association [SIFMA]
Aug. 10, 2015
"SIFMA's members have long called for the implementation of a best interest or uniform fiduciary standard of care for brokers and advisors when providing personalized investment advice. On that the record is quite clear. Rather, we disagree with the process whereby one agency is developing yet another standard that will apply to only one sector of the retail investment market.... The bifurcation of standards will create confusion both for investors and the providers who must comply."
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| 10. |
SIFMA Comments on a Proposed Definition of Fiduciary Regulation
Securities Industry and Financial Markets Association [SIFMA]
Feb. 7, 2011
SIFMA believes the proposed regulation would have unintended consequences including, but not limited to: 1) impacting the ability of millions of Americans to save for retirement; and 2) limiting access to markets, investment products and services providers.
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| 11. |
SIFMA Statement on House Bills Introduced to Protect Retirement Savers
Securities Industry and Financial Markets Association [SIFMA]
Dec. 20, 2015
"SIFMA has long supported the creation of a best interest standard for brokers, yet the DOL's proposal as written is fundamentally flawed and will hurt the very same investors it seeks to protect. We commend any congressional action that will help protect investor choice and access to guidance, without raising costs. Retirement savings is too important not to get this right."
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| 12. |
SIFMA Comment Letter to DOL on Proposed Fee Disclosure Guide
Securities Industry and Financial Markets Association [SIFMA]
June 11, 2014
"We are concerned, however, that the Proposal will impose additional and unnecessary costs on service providers where no evidence exists that the current disclosure rules are inadequate. Uncited anecdotal evidence is not a substitute for objective evidence that would illustrate the need for further regulation in this area and that need justifies the significant additional cost of the Proposal."
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| 13. |
SIFMA Comment Letter to DOL on Proposals for Lifetime Income Illustrations in Pension Benefit Statements (PDF)
Securities Industry and Financial Markets Association [SIFMA]
Aug. 3, 2013
"We believe that regulatory efforts to encourage additional education should promote a range of approaches to help participants understand the lifetime income that is generated from their defined contribution account balance. While individualized benefit statement illustrations are one method, they are not the only way to engage participants at different points in their careers. Relying on one method may lead to a decline in the breadth and quality of educational tools now available to participants[.]"
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| 14. |
DOL Final Fiduciary Rule Faces Industry-Led Court Battle
The Wall Street Journal; subscription may be required
June 1, 2016
"The U.S. Chamber of Commerce, along with the Securities Industry and Financial Markets Association [SIFMA], are preparing to file a lawsuit ... As many as three other trade groups will likely also join the lawsuit ... The groups are expected to target the primary means of enforcing the heightened retirement-advice standards: a provision that allows investors to file class-action lawsuits when they believe an adviser runs afoul of the new rules. Industry groups say that will open the $14 trillion market up to expensive litigation, and that the administration lacked congressional authority needed to include such a provision in the rule."
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| 15. |
Lawsuit Filed to Challenge DOL Fiduciary Rule That Prevents Financial Professionals from Best Serving Retirement Savers
U.S. Chamber of Commerce, Financial Services Institute, Financial Services Roundtable, Insured Retirement Institute [IRI], Securities Industry and Financial Markets Association [SIFMA], and four Texas business and financial organizations
June 2, 2016
"The [DOL]'s new, 1,023-page rule ... creates sweeping changes to existing regulations that will make saving for retirement more difficult for the very same hardworking American families and individuals it claims to protect.... The rule will shackle Main Street financial advisors with extensive new requirements and constant liability, forcing them to limit the options and guidance they provide to retirement savers.... Advisors servicing small business plans will similarly be left with no choice but to limit or stop servicing the retirement plans offered by those job-creators, significantly reducing the retirement savings options available to their millions of employees. These consequences collectively reinforce that government officials failed to perform an adequate cost-benefit analysis during the rule's development."
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| 16. |
Associations Submit Comments to the Treasury on the Process for Transferring myRA Account Balances to Private Sector Roth IRAs (PDF)
Securities Industry and Financial Markets Association [SIFMA], American Bankers Association, and Financial Services Roundtable
Oct. 27, 2015
"From a service provider perspective, there are inherent risks to having account balances defaulted when an account holder fails to provide instructions for a rollover, and there are certain factors that may make a Roth IRA provider unwilling to be selected to receive automatically transferred my RA account balances. Given these potential challenges, SIFMA, ABA, and FSR believe there are a number of issues Treasury should take into account before considering any default arrangement[.]"
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| 17. |
OMB Stakeholder Meetings Mark Final Step Before Issuance of New DOL Fiduciary Rule
WealthManagement.com
Oct. 19, 2023
"Since the rule was delivered to the OMB in early September, organizations from the Securities Industry Financial Markets Association [SIFMA] and Financial Services Institute to the Institute for the Fiduciary Standard and the Consumer Federation of America, have held meetings with OMB and DOL officials concerning the new rule ... At the heart of the disputes between these advocacy groups is whether the [SEC's] Regulation Best Interest and National Association of Insurance Commissioners' best interest rule for annuity recommendations negate the need for a revised DOL fiduciary rule."
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| 18. |
Letter from Employer Organizations to EBSA Re Electronic Delivery of Retirement Plan Information (PDF)
American Bankers Association, American Council of Life Insurers [ACLI], American Retirement Association [ARA], ERISA Industry Committee [ERIC], Investment Company Institute [ICI], Securities Industry and Financial Markets Association [SIFMA], SPARK Instit
June 2, 2019
"Electronic delivery empowers retirement plan participants by providing them constant and real-time access to information about their retirement benefits and other online tools that can assist with retirement planning. Retirement savers could more easily retain copies of benefit statements, search for relevant information, and link to relevant information and options, such as increasing their retirement contributions."
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| 19. |
Joint Trade Organization Comment Letter to DOL Requesting Extension of Comment Period on Proposed Proxy Voting Regs (PDF)
The SPARK Institute and seven other trade associations
Sept. 28, 2020
"The American Bankers Association [ABA], the American Council of Life Insurers [ACLI], the Defined Contribution Institutional Investment Association [DCIIA], the Insured Retirement Institute [IRI], the Investment Adviser Association [IAA], the Investment Company Institute [ICI], the Securities Industry and Financial Markets Association [SIFMA], and the SPARK Institute ... respectfully request a 30-day extension of the deadline for public comments on the Proposal, currently scheduled to end on October 5, 2020. The Department acknowledges that the Proposal represents a material departure from the current rules. Thus, the Proposal warrants a comprehensive review in order to properly consider its impact on plan fiduciaries, plan investments and current practices."
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| 20. |
Testimony at Connecticut Hearing on Proposed State-Sponsored Retirement Plan for Private-Sector Employees, November 19, 2014
State of Connecticut Retirement Security Board
Nov. 21, 2014
Page includes links to testimony and presentation slides by Prof. Jacob Hacker, Yale University; Prof. Ian Ayres, Yale Law School; Teresa Ghilarducci, Director of the Schwartz Center on Economic Policy Analysis at the New School; Aaron Friedman, National Practice Leader, Principal Financial, on behalf of the Securities Industry and Financial Markets Association (SIFMA); and a combined presentation on "EZ IRA" by Mark Agustin, Chief Operating Officer, Aspire Financial; Steven Dimitriou, Managing Partner, Mayflower Advisors; and Andy S. Aziz, Managing Director, True Payroll Integration.
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