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The IAA urges FINRA to reconsider its outside activities rule proposal to exclude oversight of investment adviser activities, which are not subject to FINRA’s jurisdiction
The IAA argued that the proposed fiduciary conduct standard should not apply to SEC-registered investment advisers or their representatives because that would be contrary to preemption provisions and the National Securities Markets Improvement Act of 1996.
The IAA requested that the Maryland Senate Finance Committee remove references to federal covered advisers from a fiduciary provision in a bill and clarify that the provision would not apply to investment adviser representatives of federal covered advisers. These changes would preserve the division of regulatory oversight of investment advisers between the SEC and the states.
The IAA requested that the Maryland House Economic Matters Committee remove references to federal covered advisers from a fiduciary provision in a bill and clarify that the provision would not apply to investment adviser representatives of federal covered advisers. These changes would preserve the division of regulatory oversight of investment advisers between the SEC and the states.
The IAA urged the Nevada Securities Division to make clear that its draft regulations regarding fiduciary duty do not apply to SEC-registered investment advisers or their representatives, because states are preempted from imposing substantive regulation on SEC-registered advisers.
The IAA raised concerns that several of the State of Washington’s proposed rules for investment advisers were written to apply to SEC-registered advisers, which raises preemption issues.
The IAA supported the SEC’s efforts to extend fiduciary principles to all financial professionals. Regarding proposed Regulation Best Interest, the IAA raised concerns about the narrow scope and application of the rule. The IAA recommended investor testing and streamlining of proposed Form CRS and discussed the need for a more principles-based approach and certain clarifications in the fiduciary duty interpretation.
The IAA strongly urged the SEC not to impose broker-dealer regulation on investment advisers and discussed the significant differences between investment adviser and broker-dealer business models.
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