Washington, DC, November 27, 2017 – SIFMA today issued the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, regarding the Department of Labor’s announcement of an 18-month delay of the applicability date of three exemption provisions in the DOL’s fiduciary rule:

“While the Department of Labor works to address significant concerns with the rule, the delay will help provide certainty to investors and avoid confusion and cost associated with continued piecemeal delays. SIFMA’s member firms have long advocated for the creation of a best interest standard, but one that more broadly protects clients and better protects client choice.  The SEC should take the lead in coordination with the DOL to develop such a principles-based standard of conduct for the benefit of investors.”

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SIFMA is the voice of the U.S. securities industry. We represent the broker-dealers, banks and asset managers whose nearly 1 million employees provide access to the capital markets, raising over $2.5 trillion for businesses and municipalities in the U.S., serving clients with over $18.5 trillion in assets and managing more than $67 trillion in assets for individual and institutional clients including mutual funds and retirement plans. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.