Pennsylvania + Wall

By: Kenneth E. Bentsen Jr.

Barbara Roper’s recent blog post this past Tuesday entitled “Industry to DOL: (Don’t) Mind Your Business” is not factually accurate.

Roper asserts that my statement, “the brokerage industry is highly regulated by the SEC and FINRA, including with respect to retirement accounts" is “irrelevant and wrong” because the Department of Labor (DOL), not the SEC and FINRA, has exclusive rule-writing authority under the Employee Retirement Income Security Act (ERISA).

We do not contest the DOL’s rule-writing authority. However, it is equally clear and unarguable that the SEC and FINRA have plenary authority and jurisdiction over all....... Read more...

By: Kenneth E. Bentsen, Jr.

Kenneth E. Bentsen, Jr., President and CEO of SIFMA, joined Betty Liu on Bloomberg TV to discuss the proposed retirement advice regulation endorsed by the White House today. The following are key excerpts from the interview, "Proposed Broker Rules Ignore Existing Law, Bentsen Says."

The Proposed DOL Rule Will Limit Access To Education And Advice.  "Our concern with the Department of Labor's proposal has always been, in their previous proposal, that they would cut off access to education for investors, force them into higher-cost advisory accounts, which our members also provide but are services that people have said they don't want to buy. On the lower end of the scale, it would cut them off completely from any education or advice.".... Read more...

By: Karl Schimmeck

On February 4, FINRA and SIFMA joined forces to host a full-day conference dedicated to discussing important issues around cybersecurity for brokerage and advisory firms. The program fostered a culture of risk management and protection from cyber threats for financial institutions and their clients, and addressed the latest regulatory developments and guidance.

Cyber attacks are increasingly a major threat to national security and the U.S. financial system, and we are all working hand in hand to protect the integrity of the markets and the millions of Americans who use financial services every day. .... Read more...