SIFMA Pres. testifies need for consolidated broker/dealer and advisor regulation

Securities Industry and Financial Markets Association (SIFMA) President and CEO Tim Ryan hopes to unite broker/dealers and investment advisors under a “universal standard of care.”

In a testimony before the Senate Banking Committee yesterday, Ryan said: “Development of a single set of standards governing business conduct of financial institutions towards individual and institutional investors, regardless of the type of industry participant or the particular products or services being offered, would promote and enhance investor protection, and reduce potential regulatory arbitrage and inefficiencies that are inherent in the existing system of multiple regulators and multiple, overlapping rulebooks.