{"id":7862,"date":"2019-02-20T16:59:01","date_gmt":"2019-02-20T21:59:01","guid":{"rendered":"https:\/\/www.silverlaw.com\/blog\/?p=7862"},"modified":"2019-02-20T16:59:01","modified_gmt":"2019-02-20T21:59:01","slug":"why-does-wall-street-oppose-a-fiduciary-duty","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/why-does-wall-street-oppose-a-fiduciary-duty\/","title":{"rendered":"Why Does Wall Street Oppose a Fiduciary Duty?"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-medium wp-image-4496\" src=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/Stockbroker-Misconduct-1-300x150-300x150.jpg\" alt=\"Stockbroker-Misconduct-1-300x150-300x150\" width=\"300\" height=\"150\" srcset=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/Stockbroker-Misconduct-1-300x150.jpg 300w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/Stockbroker-Misconduct-1-300x150-240x120.jpg 240w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>The Securities Industry and Financial Markets Association has stated that in 2019, it plans to keep pressure on state officials who consider following Nevada in imposing a higher standard of care on broker-dealers. Leaders of the organization said that after praising a federal proposal that has been in the making for decades, SIFMA is committed to heading off state efforts that could overlap with the proposal, known as the Regulation Best Interest.<\/p>\n<p>For years, the industry has disagreed about how to ensure that broker-dealers and investment advisers act in their clients&#8217; best interests when recommending investments. In April, the U.S. Securities and Exchange Commission introduced Regulation BI, which is a proposal that would put checks on brokers and advisers.<\/p>\n<p>\u201cWe would hope that states will pause, let the SEC act and then figure out how that\u2019s going to protect their constituents within their states,\u201d SIFMA&#8217;s president and CEO, Kenneth Bentsen said. \u201cIt is an issue of high interest to us and something we\u2019ve been very involved in.\u201d<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.silverlaw.com\/blog\/why-does-wall-street-oppose-a-fiduciary-duty\/\"  title=\"Continue Reading Why Does Wall Street Oppose a Fiduciary Duty?\" class=\"more-link\">Continue reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Securities Industry and Financial Markets Association has stated that in 2019, it plans to keep pressure on state officials who consider following Nevada in imposing a higher standard of care on broker-dealers. Leaders of the organization said that after praising a federal proposal that has been in the making for decades, SIFMA is committed [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[611,1615,580],"tags":[1146,1618,516,1344,1617,1616],"class_list":["post-7862","post","type-post","status-publish","format-standard","hentry","category-conflicts-of-interest","category-fiduciary-duty","category-stockbroker-misconduct","tag-fiduciary-duty","tag-investor-best-interest","tag-sec","tag-securities-fraud-attorney","tag-securities-industry-and-financial-markets-association","tag-sifma"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Why Does Wall Street Oppose a Fiduciary Duty? &#8212; Securities Arbitration Lawyers Blog &#8212; February 20, 2019<\/title>\n<meta name=\"description\" content=\"The Securities Industry and Financial Markets Association has stated that in 2019, it plans to keep pressure on state officials who consider following &#8212; February 20, 2019\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.silverlaw.com\/blog\/why-does-wall-street-oppose-a-fiduciary-duty\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Why Does Wall Street Oppose a Fiduciary Duty? 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