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NASAA Goes To Capitol Hill Pushing Tougher SEC Regs On Brokers

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By Tracey Longo

Originally published on Financial Advisor

The North American Securities Administrators Association is escalating its call for tougher broker sales regulation, scheduling a Capitol Hill briefing for lawmakers, regulators and the media on March 5.

The legislative agenda rollout will take place in the Rayburn House Office Building beginning at 1:30 p.m., and follows closely on the heels of a letter NASAA sent to the Securities and Exchange Commission on February 18 telling the agency its proposed Regulation Best Interest sales standards do not go far enough to protect consumers.

Regulation Best Interest is a key part of a proposed investment advice reform package the SEC expects to finalize this summer.

Read the full article on Financial Advisor

Dan Moisand

 

Dan Moisand is a nationally recognized fiduciary fee-only financial planner, an Institute Real Fiduciary™ Advisor and Chair-elect of the CFP Board.

The Institute has enshrined the ‘Moisand Rule’ on fiduciary practices. It is basic and is more important today than ever: “You have to avoid conflicts. If I avoid a conflict, I don’t worry about it.”

Watch the video of Moisand speaking here.

Bob Veres

 

Bob Veres is a long term observer of financial planning. His Newsletter, “Inside information” Is a staple of leading planners. In the May edition he writes about fiduciary and the Institute.

"But a much bigger point is that the fiduciary standard—as Knut Rostad of the Institute for the Fiduciary Standard has pointed out—has been determined by the Supreme Court (1963 ruling) to be at the very heart of the Investment Advisers Act of 1940. It is the foundation of what it means to be an RIA registered with the SEC instead of a tipster or a tout."

- Bob Veres, Parting Thoughts ... The SEC's Own Compliance Culture