Today, the Financial Services Institute will testify before the New Jersey Bureau of Securities, on the state’s proposed fiduciary rule regarding investment advice and its impact on Main Street investors.
In his testimony, FSI Executive Vice President and General Counsel, David Bellaire, will cite how the proposal burdens dual registrants and firms that provide solely incidental investment advice with a confusing and costly regulatory structure; how it reduces investor choice, raises the cost of investing and deprives some investors of access to a financial advisor. He will also explain how it conflicts with congressional intent expressed in the Advisers Act, the position of SEC and the New Jersey Uniform Securities Law as well as how it is preempted by NSMIA.
The hearing will begin at 9:30 a.m. ET.
About the Financial Services Institute (FSI): The Financial Services Institute (FSI) is the only organization advocating solely on behalf of independent financial advisors and independent financial services firms. Since 2004, through advocacy, education and public awareness, FSI has successfully promoted a more responsible regulatory environment for more than 100 independent financial services firm members and their 160,000+ affiliated financial advisors – which comprise over 60% of all producing registered representatives. We effect change through involvement in FINRA governance as well as constructive engagement in the regulatory and legislative processes, working to create a healthier regulatory environment for our members so they can provide affordable, objective advice to hard-working Main Street Americans. For more information, please visit financialservices.org.
Statement on DOL’s Appeal of District Court Ruling on Independent Contractor Rule
Today, the Financial Services Institute (FSI) released the following statement in response to the U.S. Department of Labor’s (DOL) announcement […]Read More
FSI Applauds Court Overturning Withdrawal of DOL Independent Contractor Rule
Today, the U.S. District Court for the Eastern District of Texas ruled that the Department of Labor’s (DOL) delay and […]Read More
FSI Statement on the State of the Union Address
The Financial Services Institute’s (FSI) President & CEO, Dale Brown, today released the following statement regarding President Biden’s State of […]Read More