Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Tuesday, October 6, 2009

SIFMA Testifies on Investor Protection Issues

JOHN TAFT testified today on behalf of SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION before U.S. HOUSE OF REPRESENTATIVES COMMITTEE ON FINANCIAL SERVICES HEARING ON: CAPITAL MARKETS REGULATORY REFORM: STRENGTHENING INVESTOR PROTECTION, ENHANCING OVERSIGHT OF PRIVATE POOLS OF CAPITAL, AND CREATING A NATIONAL INSURANCE OFFICE.

SIFMA supports a harmonized federal fiduciary standard for broker-dealers and investment advisers that provide personalized investment advice.  It also advocates that the federal standard should preempt state common law standards.  As to mandatory securities arbitration, SIFMA advocates "continuous study of the fairness and efficiency" of the process and says the SEC should be required to do yet another study on the fairness of the securities arbitration process.

http://lawprofessors.typepad.com/securities/2009/10/sifma-testifies-on-investor-protection-issues.html

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