ASA Welcomes New DOL Proposal, Urges Harmonization with Reg BI
Today’s implementation of the new national Reg BI standard will strengthen investor protections, increase accountability, and instill greater confidence in Americans to invest for the future.
WASHINGTON – The American Securities Association (ASA) today welcomed an announcement from the Department of Labor proposing a new exemption for investment advice fiduciaries and called for the proposal to harmonize with the Securities and Exchange Commission's (SEC) Regulation Best Interest (Reg BI).
“Today’s implementation of the new national Reg BI standard will strengthen investor protections, increase accountability, and instill greater confidence in Americans to invest for the future,” said ASA CEO Chris Iacovella. “ASA welcomes the DOL’s proposal to help better protect America’s retirement savers while also maintaining needed access to investment choice. We look forward to working with Secretary Scalia and the DOL to ensure this new proposal fully aligns with the SEC’s Reg BI.”
ASA has been at the forefront of advocacy to improve accountability throughout the financial industry and implement Reg BI. Last Friday night, ASA commended the U.S. Court of Appeals for the Second Circuit for ruling to uphold Reg BI in its decision in XY Planning Network, LLC v. SEC. To read ASA CEO Iacovella’s op-ed in InvestmentNews outlining how Reg BI strengthens investor protections, click here.
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/.