Investment Professionals

CAP and CFA Alert Members of Congress to Weaknesses in SEC Advice Standards

CFA and Center for American Progress sent a memorandum to Members of Congress alerting them to severe shortcomings in the standard of conduct for broker-dealers and investment advisers due to be voted on by the Securities and Exchange Commission June 5th.  “After years of study and deliberation, and amid mounting evidence that investors lose tens of billions of dollars a year as a result of conflicted advice, the Commission is poised to vote June 5th on a set of rules that—incredibly—do more to weaken protections for investors in their dealings with investment professionals than to strengthen them. This is a betrayal of the “Mr. and Ms. 401(k)” investors Chairman Clayton pledged to protect when he undertook this rulemaking,” the groups warned.

Reg BI Memo CAP