【奇点财经首发】美国证监会“投资在美国”听证会:关于ICO监管的最新评论

2018年6月14日 14:16
來源:CryptoInvest

本文转自Cryptoinvest,奇点财经第一时间翻译转载,原文地址:https://cryptovest.com/news/SEC-investing-in-america-discussion-live-comments-on-ico-regulations/

本文带来美国证监会主席和委员们对于ICO、证券、区块链科技的最新评论,来自亚特兰大的一场市政厅会议。

今天的“投资在美国”活动由美国证监会(SEC)举办,会上与公众进行公开讨论,主要目的是解决投资者保护等近期问题,包括美国证监会提供的反欺诈和反不公平投资的工具等。

会上有5名委员出席,包括Stein委员、Piwowar委员、主席Jay Clayton。

这次讨论会部分涵盖了区块链科技的进步、美国证监会对待ICO的观点、以及如何限制庞氏骗局和其他可能误导投资人的风险投资等问题。从讨论中,我们可以清楚的看到美国证监会支持区块链科技,同时将着力避免投资者受到潜在的伤害。

在一个直面主席Clayton的问题中,我们了解到美国证监会对于ICO看法的一手消息。

问:美国证监会有没有对于区块链技术的官方立场,目前,由于缺乏明确的监管,有很多新兴科技正转移到海外,如何把这些技术留在美国。

Clayton A:“区块链技术对于证券业及其他行业具有革命性意义,我想我们都认同这一点,他与其他事物相比,可以大幅减少交易成本,验证成本,这是一项强大的科技”。

Clayton主席继续谈及他对美国证监会的关于ICO的政策的看法,他再次强调,委员会认为数字资产是证券,并不会改变这一看法,即使这导致新兴的技术金融公司离开美国。

“区块链技术被用于筹集资金..我们在很长一段时间里,对于筹集资金,发行证券的的方式都很明确。我认为ICO的大部分就是在发行证券,我给你钱,你给我某一项目中的某种权利,我对此已经在再清楚不过了”

他继续谈到:

“你有两种方式来做,可以进行私募,也可以进行公募,我们建立了一个19万亿的经济体,一个全世界羡慕的经济体,请遵守规则,我希望每个人都能遵守规则”

由此我们不难看出 ,美国证监会完全坚定现行的数字资产法规,他们也发出了一个明确信号,那就是发行数字货币在美国必须完全遵守现行的证券法,没有任何例外,无论这将带来怎样的经济成本。

 

 

 

Clayton主席:美国证监会的提议将限制中间商给客户推荐投资时,只考虑如何为自己带来最高收益。

2018年6月13日 5:27pm

本文转自Investment News,由奇点财经翻译,原文地址:http://www.investmentnews.com/article/20180613/FREE/180619963/美国证监会-proposal-will-curb-brokers-putting-clients-into-products-solely

美国证监会主席Clayton在周三指出,该委员会的提出的投资建议改革将会限制中间商给客户推荐投资时,只考虑如何为自己带来最高收益。

在周三举办于亚特兰大大学的市民会议上,美国证监会主席Clayton在回应一位听众的问题时解释了美国证监会要求中间商以客户利益为上的提议与现行规范的不同。

Clayton 说道“在适宜性标准上,如果你有两个投资项目适合你的客户,有些中间商认为他们可以考虑自己可以从哪笔赚到更多的钱,并给客户推荐这个项目,在我们新标准下,这并不允许,你不能把自己的利益放在客户的利益前。”

Clayton先生补充道,我们需要政策和程序配合,中间商在进行推荐时必须体现出一种深入的考量。

亚特兰大Apex金融服务总裁Lee Baker向Clayton提问,希望其对比“利益至上法规”和“适宜性标准”。

AARP协会佐治亚分会主席Baker表示,“我非常开心的看到这一标准对“适宜性标准”的提升,我对Clayton的话充满希望”

AARP代表着3800万退休以及将退休的美国人,今天AARP的数位代表出席了会议。美国证监会主席以及其他四位代表也出席了会议,该市民会议参加者约为250人。

AARP是劳工部受托规则的有力支持者,并试图介入一场诉讼,不过美国第五巡回上诉法院驳回了这项规定。

随着DOL规则濒临死亡,证券交易委员会在投资建议改革中占据领先地位。该提案将于8月7日公开征求意见。

Clayton先生在会议中,就如何选择专业的投资顾问与听众进行了讨论,他强调我们应该了解中间商的不同,他将中间商描述为进行交易,收取佣金,提供投资意见,并与投资者保持长期关系。

无论投资者做出何种决策,他们都应该清楚投资顾问是如何收费的。

当你明白一个人的动机,你就会和他保持更好的关系。如果对方不解释清楚,你就应该仔细问清楚,我给你的钱中有多少是给我工作的。

这一主题也贯穿其他成员的发言中。

例如美国证监会委员Michael Piwowar提到,投资者最该问的是共同基金和交易基金是如何收费的。

美国证监会 成员Robert Jackson Jr.建议投资者使用BrokerCheck数据库,这一数据库由Finra维护,包含了中间商的背景,并与美国证监会的类似数据库连接。

Jackson说道:“调查时,投资者应该问问自己,这个人就是我想托付金融未来的人吗。”

本次会议是美国证监会第一次在华盛顿之外举办的市民会议。

美国证监会 委员Hester Peirce表示:“我们很高兴能够走出华盛顿,来听听你们的看法”。

 

美国证监会:新规则将禁止经纪人销售最昂贵的投资

本文转自Financial Advisor,奇点财经第一时间翻译转载,原文作者为TRACEY LONGO,原文地址是https://www.fa-mag.com/news/sec-s-clayton–reg-bi-will-prohibit-brokers-from-selling-the-most-expensive-investment-option-39210.html。

本周三,美国证监会(SEC)的主席Jay Clayton在亚特兰大投资者市政厅对听众表示,根据新的销售行为标准提案,经纪人今后将不得向投资者推荐最昂贵的投资。

《规范最佳利益》是由美国证监会发起的新提案,旨在通过降低利益冲突(如更高的赔偿会促使经纪人推销更贵但超出客户实际需求的产品)来更好地保护投资者。美国退休者协会(AARP)的执行官就《规范最佳利益》提案向Clayton进行了提问:在《规范最佳利益》的新提案中,是否存在适当性和最佳利益的差异。

Clayton回答说:“简单来说,答案是存在差异。出于对最佳利益的考虑,我们建议提高对经纪人的要求,这与他们今天的情况不同。出于对是否适当的考虑,如果经纪人为客户推荐两项投资产品,经纪人可以比较哪个产品他能赚更多的钱。但是新的标准不允许他这么做。经纪人的利益不能优先于客户的利益。”

Clayton表示,“为了使建议也反映照料的义务(对经纪人行为的规范强化了该义务),我们将需要政策和程序。”

美国退休者协会由一群评论家组成,他们不认为《规范最佳利益》的新提案能够保护消费者,而是希望看到适用于经纪人销售行为的明确的受托人标准。

David Certner是美国退休者协会的立法顾问和政府事务立法政策主任,他将在美国证监会周四的投资者咨询委员会上就《规范最佳利益》的新提案进行游说。

会议开始前,Certner给Clayton发了一封信,阐述了美国退休者协会所关心的问题,尤其是希望美国证监会的最终规则应做到以下两点:明确界定投资专业人士的行为标准为“信用标准”;为投资者提供明确、有效的披露表格。

Certner在信中写到:“现在的提案并没有明确界定什么是“最佳利益标准”,而我们认为这是必须做到的。投资者也不理解五花八门的法律标准和披露表格。”

美国退休者协会表示,财务顾问和经纪人在提建议时,隐藏了费用和不合理的风险。这种利益驱动的建议导致消费者为退休存钱时每年会损失高达170亿美元。

 

美国退休者协会继续推动投资建议的合理化

本文转自Goldrushcam.com,奇点财经第一时间翻译转载,原文地址是http://goldrushcam.com/sierrasuntimes/index.php/news/local-news/14236-aarp-continues-push-for-sound-investment-advice-as-sec-files-rules-begins-field-hearings。

继美国证监会(SEC)的新规则提案(旨在帮助消费者以最佳利益获得投资建议)后,美国退休者协会(AARP)今天提前查看了计划在本周举行的SEC投资者咨询委员会(IAC)的会议证词。

美国退休者协会代表3800万名成员和所有为退休而储蓄的勤劳的美国人,将持续努力保证消费者能够获得最符合他们利益的建议。同时,美国证监会今天也在亚特兰大、佐治亚开始了一系列地区市政厅会议。

美国退休者协会认为美国证监会的最终规则必须做到以下两点:明确界定投资专业人士的行为标准为“信用标准”;为投资者提供明确、有效的披露表格。

美国证监会的新规则提案的目的在于帮助消费者获得最合适的建议,并提供改善建议,进一步保护散户投资者。预计美国退休者协会将赞扬美国证监会的目的。

如果不将规则明确化,美国退休人员协会担心冗长的提案会令人困惑,也会让消费者在面对复杂的规则和要求时收到相互矛盾的建议。

美国退休人员协会的立法顾问David Certner表示,“现在的提案并没有明确界定什么是“最佳利益标准”,而我们认为这是必须做到的。投资者也看不懂五花八门的法律标准和披露表格。

美国退休人员协会数年来一直在基层和媒体上对投资建议做出了很多努力,这是因为数百万辛勤工作的美国人需要依靠金融专业人士帮助他们做出与401(k)式退休储蓄计划相关的复杂财务决策。随着消费者为退休储蓄,他们每年损失170亿美元,这是因为金融顾问和经纪人为了自己的利益做出了决策,包括隐藏费用和不公正风险。

Certner补充道:为了给寻求建议的人提供一个公正、透明的市场,所有提供投资建议的证券专家都必须遵守一个明确的规定。数十年来,注册在案的投资专家和取得资格的金融方案提供者一直成功地提供着用户利益优先的解决方案。

美国证监会市政厅会议周三在亚特兰大举办,IAC会议将于6月14日周四在亚特兰大举办。有关SEC的更多市政厅会议信息,请访问https://www.sec.gov/news/upcoming-events

 

英文原文:

SEC “Investing In America” Discussion: Live Comments On ICO Regulations

This news update is brought to you directly from the SEC Chairman and Commissioners open discussion on ICO’s, securities and blockchain technology today, in a public town-hall style meeting in Atlanta, US.

Today’s “Investing In America” event is a US Securities and Exchange Commission led discussion with members of the public, primarily concerned with addressing current affairs surrounding investor awareness and protection, including new tools provided by the SEC to minimise fraudulent and unfair investment practices. The panel consists of 5 SEC Commissioners including Commissioner Stein, Commissioner Piwowar and the SEC Chairman, Jay Clayton.

The discussion has partly covered the ongoing adoption of blockchain technology and the SEC’s current position on ICO’s, as well as clamping down on ponzi schemes and other misleading ventures. What is clear from the recent commentary, is that the SEC remains pro-blockchain but recognises a need to insulate investors from potential harm.

In a question directed at Chairman Clayton, we heard first hand where the SEC stands on ICO’s:

Q: “Does the SEC have any official position that relates to Blockchain technology because right now without lot of clear guidance, a lot new technologies are moving overseas. How will you keep those technologies here in the U.S?”

Clayton A: “Blockchain technology has incredible promise for the securities and other industries. I think we can all agree on that. What Blockchain technologies does among other things… is that it greatly reduces transactions costs, including costs of verification. Powerful technology”

Chairman Clayton goes on to comment on the SEC’s official position on initial coin offerings, reaffirming that the Commission will not change its regulatory stance on digital assets as recognised securities; irrespective of whether it drives fintech startups away.

“[Blockchain] technology [has been] used to apply to fundraising.. We’ve been very clear… for a long time on how to conduct fundraising when you’re offering securities. Much of what I have seen in the ‘ICO’ space is a securities offering. It is raising money for a project where I give you my money, you give me some type of right back that reflects a return on a project, that’s [a] securities offering… I don’t know how much more clear I can be about it”

Going on to further add,

“There’s 2 ways to do it. You can do a private placement or a public offering. We’ve built a 19 trillion dollar economy, an economy that’s the envy of the world… following those rules. I expect people to follow them.”

From this it is clear that the SEC remains fully committed to the current digital asset regulations, broadcasting a poignant message to all those wishing to conduct token offerings in the U.S, that the Commission will allow no exceptions to the current securities law, no matter what the economic cost.

 

SEC proposal will curb brokers putting clients into products solely for highest revenue, Clayton says

Securities and Exchange Commission Chairman Jay Clayton said Wednesday that the agency’s proposed investment-advice reforms would curb brokers’ ability to recommend products that give them the most revenue.

In response to a question from an audience member at the SEC’s investor town hall at Georgia State University in Atlanta, Mr. Clayton explained how the SEC’s proposed regulation to require brokers to act in the best interests of their clients would differ from the current suitability standard that governs brokers.

“In suitability, if you come up with two investments that are suitable for your client, there are people who will argue that you are allowed to look at which investment makes you, the broker, more money and put the client in that investment,” Mr. Clayton said. “Under our new standard, you will not be allowed to do that. You can’t put your interest ahead of your client’s interest.”

Mr. Clayton added, “We’re going to require policies and procedures so that the exercise the broker-dealer goes through to get to that place where they’re going to make a recommendation also reflects a duty of care that is enhanced.”

Lee Baker, owner and president of Apex Financial Services in Atlanta, had asked Mr. Clayton to contrast the so-called Regulation Best Interest with suitability.

“I was happy to hear that this standard will be elevated from the suitability standard,” said Mr. Baker, who is the president of Georgia’s chapter of AARP. “I’m taking [Mr. Clayton] at his word. I’m hopeful.”

AARP, which represents about 38 million Americans in or near retirement, supplied several members of the town hall’s audience of more than 250 in downtown Atlanta. Mr. Clayton and the four other SEC members participated in the event.

AARP was a strong proponent of the Labor Department’s fiduciary rule and tried to intervene in a lawsuit that resulted in the U.S. 5th Circuit Court of Appeals striking down the regulation.

With the DOL rule at death’s door, the SEC has taken the lead in investment-advice reform with a proposal that is open for public comment until Aug. 7.

Mr. Clayton opened the town hall by talking to the audience about choosing a financial professional. He stressed that they should be familiar with the differences between brokers, whom he described as being transactional and charging commissions, and investment advisers, whom he described as having longer-term relationships with investors and charging flat fees.

No matter which choice investors make, they should know how the financial professional is being paid, Mr. Clayton said.

“When you understand someone’s incentives, you have a much better relationship with them,” he said. “If they can’t explain this to you, you need to think twice: How much of my money that I’m giving you is actually going to work for me?”

That theme ran through the remarks of other SEC members.

For instance, SEC commissioner Michael Piwowar said that one of the most important questions investors should ask about mutual funds and exchange-traded funds is how much they charge in fees. They should know that fees compound as well as returns.

SEC member Robert Jackson Jr. recommended that investors use BrokerCheck, a database maintained by Finra that contains the disciplinary background of brokers and that connects to a similar SEC database of investment advisers.

When researching financial professionals, investors should ask: “Is this the person we want to trust with our financial future?” Mr. Jackson said.

The town hall was the first such event that the SEC has hosted outside of its Washington headquarters.

“It’s a pleasure to be outside Washington, D.C., and hear what’s important to you all,” said SEC commissioner Hester Peirce.

 

SEC’s Clayton: Rule Will Stop Brokers From Selling Most Expensive Investment

 Under the new sales conduct standards proposed by the Securities and Exchange Commission, brokers would no longer be able to recommend the most expensive investment appropriate for investors, SEC Chairman Jay Clayton told an overflow crowd at the SEC’s Atlanta Investor Town Hall on Wednesday.

He was answering a question from an Atlanta AARP executive who asked pointedly if there is a difference between suitability and best interest in the SEC’s new Regulation Best Interest (Reg BI) proposal, which the agency says will better protect investors by reducing conflicts of interest like higher compensation that can act as an incentive for brokers to sell more expensive investments than customers may need.

“With best interest, we’re proposing to raise the level of requirement on broker-dealers when they’re making a recommendation and it is different than what they have today. So the short answer is yes,” Clayton said.

“With suitability, if you come up with two investments for clients, you are allowed to look at which investment makes you the broker more money. Under our new standard you will not be allowed to do that. You can not put your interests ahead of client interests,” Clayton said.

“We will require policies and procedures to get to a place where recommendations also reflect a duty of care that is enhanced [in the regulations of brokers],” Clayton added.

The AARP is one of a number of critics, however, that does not believe that Reg BI goes far enough to protect consumers and wants to see an unequivocal fiduciary standard applied to broker sales conduct.

David Certner, legislative counsel and director of legislative policy for government affairs at AARP, will lobby for a fiduciary standard at the SEC’s Investor Advisory Committee meeting Thursday on Reg BI.

In advance of the meeting, Certner sent Clayton a letter laying out the AARP’s concerns. Specifically the AARP believes that the SEC’s final rule must do two things: clearly define the standard of conduct for investment professionals as a “fiduciary standard,” and provide investors with unambiguous, effective disclosure forms.

“The current SEC proposal does not clearly define a ‘best-interest standard,’ and we believe it must do so,” Certner said in the letter. “Investors also do not understand the different legal standards, or the disclosure forms that apply to different types of financial professionals.”

As consumers save for retirement, they lose as much as $17 billion each year due to profit-driven advice from financial advisors and brokers that is stacked with hidden fees and unfair risk, the AARP said.

 

AARP Continues Push for Sound Investment Advice as SEC Files Rules, Begins Field Hearings

June 13, 2018 – Washington, DC – Following the Securities and Exchange Commission’s (SEC) new rule proposal intended to help consumers get investment advice in their best interest, AARP today previewed upcoming testimony for a SEC Investor

Advisory Committee (IAC) meeting later this week. On behalf of its 38 million members and all hard-working Americans saving for their retirements, AARP will continue efforts to ensure consumers have access to advice in their best interest, as the SEC also begins a series of regional town hall meetings in Atlanta, Georgia, today.

AARP believes that the SEC’s final rule must do two explicit, important things: clearly define the standard of conduct for investment professionals as a “fiduciary standard,” and provide investors with unambiguous, effective disclosure forms.

AARP is expected to commend the SEC’s objective of helping consumers get the best possible advice as they save for retirement and provide suggestions for improvements that would further protect retail investors. Without such improvements, AARP is concerned that the lengthy proposal is confusing and may leave many consumers at risk of receiving conflicted advice on complex rules, requirements and fees.

“The current SEC proposal does not clearly define a ‘best interest standard,’ and we believe it must do so,” said AARP Legislative Counsel David Certner. “Investors also do not understand the different legal standards, or the disclosure forms that apply to different types of financial professionals.”

AARP has sustained the grassroots and social media efforts they embarked upon years ago on behalf of sound investment advice because millions of hard-working Americans depend on financial professionals to help them make complex financial decisions related to 401(k)-style retirement savings plans. As consumers save for retirement, they lose as much as $17 billion each year due to profit-driven advice from financial advisers and brokers that is stacked with hidden fees and unfair risk.

“To ensure a level, transparent market for those seeking advice, all securities professionals who offer investment advice must face a clear, enforceable standard,” added Certner. “Registered investment advisers and certified financial planners have for decades successfully provided advice in the best interest of consumers.”

The first SEC town hall takes place in Atlanta on Wednesday, June 13. The IAC meeting will be held in Atlanta, Thursday, June 14. Details on the meetings, and other upcoming town halls, can be found with the SEC here: https://www.sec.gov/news/upcoming-events.