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Letters to Regulators: AFR submitted letter to the SEC opposing efforts to weaken shareholder rights.
November 15, 2018 – 2:00 pm

AFR opposes policy proposals that would silence shareholders voice and that would make it harder for proxy advisory firms to advise investors.

AFR Statement: SEC Advisory Committee Right to Seek Major Changes to Broker Standards Proposal
November 7, 2018 – 3:56 pm

What we heard today from the diverse membership of the SEC’s own advisory committee is that they share our view that the proposed Reg BI would not protect investors. The IAC has called on the SEC to instead pass rules that make clear that brokers have a legal obligation to act in the best interests of their clients.

AFR Statement: Consumer Groups Criticize SEC Investor-Protection Proposal During Agency Roundtable in Baltimore
September 20, 2018 – 6:15 pm

The SEC’s proposed “Regulation Best Interest” is anything but, a plan for creating a veneer of investor protection that would fail to chase bad practices out of the industry that cost savers $40 billion per year. Many savers fall victim to brokers who steer them into investments that pay lucrative fees but don’t generate the best possible return for investors.

Letters to Regulators: AFR Education Fund submitted a letter to the SEC regarding proposed amendments to the Whistleblower Program rules
September 19, 2018 – 10:55 am

Americans for Financial Reform Education Fund sent a letter to the SEC regarding proposed amendments to the Commission’s Whistleblower Program rules. While we generally support a few of the proposed amendments, we are concerned that …

AFR in the News: Trump Asks SEC to Study Quarterly Earnings Requirements for Public Firms (NY Times)
August 20, 2018 – 4:20 pm

“’Quarterly disclosures are very important. A lot can happen in six months, and it’s just not appropriate to reduce disclosures,’ said Marcus Stanley, the policy director for Americans for Financial Reform, a coalition of foundations, unions and public interest groups that pushes for stronger financial regulation. ‘It’s just going to advantage insiders further.’”

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.