Home » Archive by Tags

Articles tagged with: SEC

AFR/CFA Memo: SEC Broker Standards Proposal Falls Far Short
August 7, 2018 – 11:26 am

Brokers too often steer investors into poorly performing, high-cost investments that are profitable for the broker, but bad for individual investors. The Securities and Exchange Commission has proposed a new regulation that purports to address the problem, but its remedy is too vague and too weak. By creating a veneer of protection, but not the reality, it would deliver a false sense of security that could leave investors worse off than they are now.

Joint Letter: SEC Broker Proposal Fails To Establish Strong Standard or Mitigate Conflicts
August 7, 2018 – 11:10 am

The rule’s most significant failing is that it does not establish a clear uniform best interest standard, one that is no less stringent than that found in the Investment Advisers’ Act, for all professionals who provide investment advice to retail clients. Instead, it adopts a weaker standard for broker-dealers that falls short of a true best interest standard and does not adequately address the conflicts of interest that too often are permitted to taint broker-dealers’ recommendations.

Joint Letter: Nominate Progressive Candidates to Financial Regulators
May 23, 2018 – 3:40 pm

The need for strong public interest nominees is even greater today. This Administration has been
filling key regulatory positions with people pursuing Wall Street’s agenda at the public’s expense,
and the revolving door is spinning faster than ever. There is an enormous amount at stake at both
the SEC and FDIC as the financial industry and their friends in the Trump administration work to
undo the progress made in Dodd-Frank and to undermine key investor protection standards.

Letters to Regulators: AFR opposed roll back of transparency disclosures to investors in SEC proposed rule “Investment Company Liquidity Disclosures.”
May 22, 2018 – 12:03 pm

AFR commented on the roll back of transparency disclosures to investors in the SEC proposed rule “Investment Company Liquidity Disclosures.”

AFR in the News: SEC Seeks to Require Brokers to Put Their Clients First (NY Times)
April 27, 2018 – 9:51 am

“’The standard of conduct the agency has articulated appears ambiguous at best,’ Marcus Stanley, policy director at Americans for Financial Reform, said in a statement. ‘It doesn’t simply ban the sales quotas and other compensation practices that lead brokers to put their clients into high-fee, lower-yielding investments.’”

AFR Statement: Weak SEC Proposal on Broker Standards
April 19, 2018 – 11:11 am

Statement from Marcus Stanley, policy director, Americans for Financial Reform: “The proposal we heard described today does not come close to measuring up. The standard of conduct the agency has articulated appears ambiguous at best. It doesn’t simply ban the sales quotas and other compensation practices that lead brokers to put their clients into high-fee, lower-yielding investments.”

Letters to Congress: AFR Urges Opposition to H.R. 4263 — A Bill Undermining Transparency and Investor Protections in Capital Markets
March 13, 2018 – 12:19 pm

AFR sent a letter to members of the House of Representatives urging them to vote in opposition to H.R. 4263, the “Regulation A+ Improvement Act”.

Letters to Congress: AFR Urges Opposition to HR 3978 — A Bill Harming Investors and Consumers
February 13, 2018 – 2:35 pm

AFR sent a letter urging House members to vote “No” on H.R. 3978 — a grab bag of bad legislative ideas that would weaken SEC oversight of Wall Street and undermine consumers, investors rights and protections.