WASHINGTON, D.C. (June 5, 2019) – The following is a statement from Michael S. Pieciak, President of the North American Securities Administrators Association (NASAA) and Commissioner of the Vermont Department of Financial Regulation regarding the adoption today by the U.S. Securities and Exchange Commission of its Regulation Best Interest, Form CRS, and publication of related proposals.
“The decline of private sector pensions has increased the burden on American workers to save and invest for their retirements. Unfortunately, many hard-working Americans have fallen behind in building a secure retirement. The sale of costly and/or ill-advised investment products has only deepened this problem. It is more important now than ever to ensure investors’ interests come first.
“State securities regulators have held state-registered investment advisers to a rigorous fiduciary duty standard and have long advocated for a robust broker-dealer conduct standard so all investors can have confidence that their financial professionals put them first; and will continue to do so.
“Through comment letters and conversations during the course of the rulemaking process, we have called on the SEC to strengthen the proposed best interest rule to once and for all end abusive broker-dealer sales practices and to adopt a strong interpretation of fiduciary duty. We thank and appreciate the SEC’s willingness to engage with us during this important rulemaking.
“The final rule and accompanying releases are lengthy and complex. We are closely reviewing them against our comment letters and look forward to discussing our findings and next steps with our membership.”
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Bob Webster | Director of Communications