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April 18, 2018

SEC’s Investment Advice Proposed Rule Falls Short

FOR IMMEDIATE RELEASE

Wednesday, April 18, 2018
Contact: Nick Jacobs, 202-618-6430 or njacobs@bettermarkets.com

Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued this statement following the release of the Securities and Exchange Commission’s (SEC) investment advice rule proposal:

“The SEC exists to protect investors and the law should unambiguously require investment professionals to act in the best interests of their customers who entrust them with their hard-earned money.  The proposal today appears to fall well short of that standard, relying too heavily on disclosure.  While some provisions may offer modest benefits to investors, the SEC appears to have missed an historic opportunity to finally establish a strong, clear, enforceable best interest standard for all advisers.  Nevertheless,  we recognize that the devil is in the details and we look forward to reading the proposal with care when it becomes available and fully engaging in the process with comments and advocacy aimed at producing the strongest possible final rule.”

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com.

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