Last week, Kristina posted in support of the positions made by SEC Commissioner Luis Aguilar in his May 7, 2009 speech at the Investment Advisers Assocation Annual Conference. In his remarks, Aguilar gave support to the true fiduciary standard and advocated for charging the SEC with regulatory oversight. We followed up with Kristina's promise to write to the SEC Commissioners with this letter advocating for (1) protection of the strong fiduciary standard that exists under the Investment Advisers Act of 1940, (2) application of that standard for broker-dealers who provide investment advice and (3) for Congress to provide the resources necessary for the SEC to remain the regulator of the investment adviser industry.
Unfortunately, Aguilar's comments have not gained the same attention as other proposals that favor a watered down standard and conflicted oversight. For this reason, we wrote the SEC Commissioners and now ask that you do the same. If you share our appreciation for Aguilar's and our apprehension about the alternatives, take the time to voice your concerns by writing the SEC Commissioners at SEC headquarters and your elected representatives in the House and in the Senate.
We also invite you to join us tomorrow for our free Webinar on regulatory reform. The one-hour session from 4-5 p.m. EDT is good for one hour of CE for your AIF or AIFA designation. The session will examine in more detail why Aguilar's comments contain the best solution for investors and why other proposals miss the mark. We'll also cover the characteristics of an ideal regulatory reform proposal and how successful implementation of a rigorous standard of care would change the financial services environment for the better. If you cannot attend, the session will be available in our webinar archive later this week. This is a great opportunity to familiarize yourself with the two paths regulatory reform could go down, and hopefully inspire you to lend your voice in support of Aguilar's comments.
For more information on other fi360 Advocacy initiatives, visit our Advocacy page under Resources.
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