The Securities Industry Financial Markets Association, perhaps the most vocal opponent of the Department of Labor's proposed conflict of interest rule, has released its own proposal for a universal fiduciary standard.
"SIFMA has long supported the creation of a uniform fiduciary standard for broker-dealers and investment advisers," said Kenneth E. Bentsen, Jr., president and CEO of SIFMA, in a press release.
"With multiple regulators considering different approaches which could result in bifurcated standards, redundant compliance regimes and investor confusion we believe this offers a path forward," he added.
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