• ASA Newsroom

ASA Questions Premise of NASAA Reg BI Survey

Urges regulators to recognize Reg BI remains strong national investor protection standard




WASHINGTON – The American Securities Association (ASA) today questioned the premise of a recent North American Securities Administrators Association (NASAA) survey and came out in strong support of Reg BI, a pro-investor and strong national standard that ensures broker-dealers never put their own interests ahead of their customers.


“Reg BI is a strong national standard that ASA strongly supports because it preserves choice and the client relationship while protecting every American investor,” said ASA CEO Chris Iacovella. “The recent NASAA survey seeks to undermine this policy by using an inherently flawed process that assumes certain types of investments are always ‘better’ for an investor, regardless of an investor’s risk tolerance or long-term financial goals. The survey results seem to be a predicate to justify individual states adopting their own standards of conduct for broker-dealers, which would result in an unworkable system of 50 different standards, making it extremely difficult for investors to receive the advice and guidance they want and deserve.”

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ASA’s regional financial services companies work in communities across the country to create jobs, grow the economy, and increase prosperity for all Americans. The ASA exclusively represents the capital market and private client interests of its members and seeks to promote free market principles making it easier to access financial advice and capital. ASA members help Americans save for retirement, provide Main Street businesses with capital to grow, and advise hardworking Americans how to create and preserve wealth. For the latest updates follow @AmerSecurities and learn more at http://americansecurities.org/.