Washington, D.C., July 29, 2024 – The Financial Services Institute (FSI) and Securities Industry and Financial Markets Association (SIFMA) released the following statement today regarding a decision in the Northern District of Texas granting a stay in a federal lawsuit challenging the Department of Labor’s fiduciary rule:
“Today’s decision rightly prevents the Department of Labor’s rule from taking effect as the court continues to weigh the merits of the case. The finalized rule unlawfully expands the definition of a ‘fiduciary’ and jeopardizes investors’ access to advice and education.”
In their filing in June, FSI and SIFMA asked the Court to vacate and set aside the 2024 Rule and declare it to be in excess of the DOL’s statutory authority, arbitrary and capricious, and otherwise not in accordance with law.
FSI and SIFMA’s full plaintiff-intervenors’ complaint filed in this case, American Council of Life Insurers, et al. v. United States Department of Labor, can be found here: https://www.sifma.org/resources/submissions/complaint-filed-in-the-u-s-district-court-for-the-northern-district-of-texas-worth-division/
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The Financial Services Institute (FSI) is the only organization advocating solely on behalf of independent financial advisors and independent financial services firms. Since 2004, through advocacy, education and public awareness, FSI has successfully promoted a more responsible regulatory environment for over 80 independent financial services firm members and their 130,000+ affiliated financial advisors – which comprise over 45% of all producing registered representatives. We effect change through involvement in FINRA governance as well as constructive engagement in the regulatory and legislative processes, working to create a healthier regulatory environment for our members so they can provide affordable, objective advice to hard-working Main Street Americans. For more information, please visit financialservices.org.
SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s nearly 1 million employees, we advocate for legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. 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.
