" 'The DOL's proposal goes far beyond [putting your customer first] standard to limit choice and raise costs, unnecessarily so in our opinion,' said Ken Bentsen, president and CEO [of SIFMA] ... He contended that the DOL proposal implies that 'we are headed in a direction of bifurcated rules, compliance and disclosure regimes imposed on the same market participants from different regulators.' ... Mark Smith, a lawyer at Sutherland, Asbill & Brennan, noted that ... while the administration talks about a simple contract dealing with 'best interest,' it took the administration more than 400 pages to get its point across, meaning that the proposal is far more complex than the administration says it is."  MORE >>