Call to Action

Financial Services Institute / Call to Action
  • Call to Action - Act Now to Stop Regulation by Enforcement

  • The SEC has been engaging in regulation by enforcement by basing enforcement actions against dually registered firms and financial advisors on published guidance or previously settled enforcement actions against other firms. Guidance and prior settlements are not rules and do not create legal obligations for firms. The SEC’s recent Share Class Selection Disclosure Initiative is an example of this type of activity. This kind of drive-by regulation by enforcement harms independent financial services firms and American investors. Specifically, independent financial firms and advisors have a reasonable expectation the SEC will disclose the rules of the road before engaging in enforcement. Regulation by enforcement creates uncertainty because it does not give notice to firms of how they should operate their businesses, leads to inconsistencies in interpretation and enforcement, and increases cost for investors.

  • FSI and 200 of your colleagues went to Capitol Hill on September 11 to raise the issue with Congress. We continue to meet with SEC staff to discuss our concerns and urge them to stop regulating by enforcement.

  • Keep this momentum going, add your voice to those of your colleagues who participated in FSI Forum & Capitol Hill Day by taking action now!

  • Send a message to your local member of Congress asking them to tell the SEC to stop regulation by enforcement!

  • Please complete the form below. Providing this information will ensure that your message is routed to the correct policymakers. For your convenience, we have provided suggested message text. Feel free to personalize it with information specific to your business and clients. Finally, click the "Submit Your Message" button to send your message. Thank you for supporting FSI's advocacy efforts and letting your voice be heard.

  • Suffix (optional)