{"id":1390,"date":"2014-02-03T15:21:07","date_gmt":"2014-02-03T15:21:07","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/02\/sifma_tells_labor_department_t"},"modified":"2022-03-11T08:59:39","modified_gmt":"2022-03-11T14:59:39","slug":"sifma-tells-labor-department-t","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sifma-tells-labor-department-t\/","title":{"rendered":"SIFMA Tells Labor Department To Wait For SEC on Fiduciary Rulemaking"},"content":{"rendered":"

\t\t\t\tThe Securities Industry and Financial Markets Association wants the US Labor Department to hold back on putting out its expected proposed rule modifying its definition of fiduciary standard of care until the Securities and Exchange Commission decides whether it will put out its own standard for financial professionals. SIFMA is worried that new DOL rules might harm brokers<\/a> that purchase and sell bonds and stocks in addition to offering investment advice. <\/p>\n

The SEC and DOL are both working on fiduciary rules. While many agree that brokers such have fiduciary duties to their clients, there are those who worry that this could make commission-based professional relationships in which a financial representative offers products from his\/her employer more challenging. SIFMA says it would like a business model that includes a uniform fiduciary standard that doesn’t prevent a client from buying such products if desired.<\/p>\n

The Labor Department, which is accountable for enforcing Employee Retirement Income Security Act rules over qualified plans, is expected to propose a stronger standard than the SEC. Already, ERISA places high care standards and loyalty on the fiduciaries of IRAs and pension plan and the DOL makes it a priority to protect customers from the conflicts of interest of advisors. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The Securities Industry and Financial Markets Association wants the US Labor Department to hold back on putting out its expected proposed rule modifying its definition of fiduciary standard of care until the Securities and Exchange Commission decides whether it will put out its own standard for financial professionals. SIFMA is worried that new DOL rules […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3774,3781],"tags":[],"class_list":["post-1390","post","type-post","status-publish","format-standard","hentry","category-broker-dealers","category-investment-advisers"],"yoast_head":"\nSIFMA Tells Labor Department To Wait For SEC on Fiduciary Rulemaking — Investor Lawyers Blog — February 3, 2014<\/title>\n<meta name=\"description\" content=\"The Securities Industry and Financial Markets Association wants the US Labor Department to hold back on putting out its expected proposed rule modifying — February 3, 2014\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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