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The Division should be fair to Massachusetts residents and its economy and refrain from imposing a standard that is unworkable and inconsistent with the national standard.
WASHINGTON – Today the American Securities Association (ASA) sent a letter to the Massachusetts Securities Division urging the state to refrain from moving forward with its unworkable proposal that harms Massachusetts’ retail investors and will contribute to widening economic inequality, and instead adopt the U.S. Securities and Exchange Commission’s (SEC) national Regulation Best Interest Standard.
“The SEC’s national best interest standard greatly strengthens consumer protections without disenfranchising Massachusetts consumers, and it maintains access to the affordable services and products residents use to save and invest for a better future,” ASA CEO Chris Iacovella wrote in the letter. “The Division should be fair to Massachusetts residents and its economy and refrain from imposing a standard that is unworkable and inconsistent with the national standard.”
In the letter, ASA warned the Proposal will apply a standard that: (1) has been proven to harm consumers, (2) exacerbates income and wealth inequalities, (3) ignores over a decade of work by independent experts at the SEC, and (4) threatens Massachusetts economic competitiveness relative to other states.
To read the full letter, click here.
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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/.
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