【奇點財經首發】美國證監會“投資在美國”聽證會:關於ICO監管的最新評論

2018年6月14日 14:22
来源:CryptoInvest

本文轉自Cryptoinvest,奇點財經第一時間翻譯轉載,原文地址:https://cryptovest.com/news/SEC-investing-in-america-discussion-live-comments-on-ico-regulations/

本文帶來美國證監會主席和委員們對於ICO、證券、區塊鏈科技的最新評論,來自亞特蘭大的一場市政廳會議。

今天的「投資在美國」活動由美國證監會(SEC)舉辦,會上與公眾進行公開討論,主要目的是解決投資者保護等近期問題,包括美國證監會提供的反欺詐和反不公平投資的工具等。

會上有5名委員出席,包括Stein委員、Piwowar委員、主席Jay Clayton。

這次討論會部分涵蓋了區塊鏈科技的進步、美國證監會對待ICO的觀點、以及如何限制龐氏騙局和其他可能誤導投資人的風險投資等問題。從討論中,我們可以清楚的看到美國證監會支持區塊鏈科技,同時將著力避免投資者受到潛在的傷害。

在一個直面主席Clayton的問題中,我們了解到美國證監會對於ICO看法的一手消息。

問:美國證監會有沒有對於區塊鏈技術的官方立場,目前,由於缺乏明確的監管,有很多新興科技正轉移到海外,如何把這些技術留在美國。

Clayton A:「區塊鏈技術對於證券業及其他行業具有革命性意義,我想我們都認同這一點,他與其他事物相比,可以大幅減少交易成本,驗證成本,這是一項強大的科技」。

Clayton主席繼續談及他對美國證監會的關於ICO的政策的看法,他再次強調,委員會認為數字資產是證券,並不會改變這一看法,即使這導致新興的技術金融公司離開美國。

「區塊鏈技術被用於籌集資金..我們在很長一段時間裡,對於籌集資金,發行證券的的方式都很明確。我認為ICO的大部分就是在發行證券,我給你錢,你給我某一項目中的某種權利,我對此已經在再清楚不過了」

他繼續談到:

「你有兩種方式來做,可以進行私募,也可以進行公募,我們建立了一個19萬億的經濟體,一個全世界羨慕的經濟體,請遵守規則,我希望每個人都能遵守規則」

由此我們不難看出 ,美國證監會完全堅定現行的數字資產法規,他們也發出了一個明確信號,那就是發行數字貨幣在美國必須完全遵守現行的證券法,沒有任何例外,無論這將帶來怎樣的經濟成本。

 

 

 

Clayton主席:美國證監會的提議將限制中間商給客戶推薦投資時,只考慮如何為自己帶來最高收益。

2018年6月13日 5:27pm

本文轉自Investment News,由奇點財經翻譯,原文地址:http://www.investmentnews.com/article/20180613/FREE/180619963/美國證監會-proposal-will-curb-brokers-putting-clients-into-products-solely

美國證監會主席Clayton在周三指出,該委員會的提出的投資建議改革將會限制中間商給客戶推薦投資時,只考慮如何為自己帶來最高收益。

在周三舉辦於亞特蘭大大學的市民會議上,美國證監會主席Clayton在回應一位聽眾的問題時解釋了美國證監會要求中間商以客戶利益為上的提議與現行規範的不同。

Clayton 說道「在適宜性標準上,如果你有兩個投資項目適合你的客戶,有些中間商認為他們可以考慮自己可以從哪筆賺到更多的錢,並給客戶推薦這個項目,在我們新標準下,這並不允許,你不能把自己的利益放在客戶的利益前。」

Clayton先生補充道,我們需要政策和程序配合,中間商在進行推薦時必須體現出一種深入的考量。

亞特蘭大Apex金融服務總裁Lee Baker向Clayton提問,希望其對比「利益至上法規」和「適宜性標準」。

AARP協會佐治亞分會主席Baker表示,「我非常開心的看到這一標準對「適宜性標準」的提升,我對Clayton的話充滿希望」

AARP代表著3800萬退休以及將退休的美國人,今天AARP的數位代表出席了會議。美國證監會主席以及其他四位代表也出席了會議,該市民會議參加者約為250人。

AARP是勞工部受托規則的有力支持者,並試圖介入一場訴訟,不過美國第五巡回上訴法院駁回了這項規定。

隨著DOL規則瀕臨死亡,證券交易委員會在投資建議改革中占據領先地位。該提案將於8月7日公開徵求意見。

Clayton先生在會議中,就如何選擇專業的投資顧問與聽眾進行了討論,他強調我們應該了解中間商的不同,他將中間商描述為進行交易,收取傭金,提供投資意見,並與投資者保持長期關系。

無論投資者做出何種決策,他們都應該清楚投資顧問是如何收費的。

當你明白一個人的動機,你就會和他保持更好的關系。如果對方不解釋清楚,你就應該仔細問清楚,我給你的錢中有多少是給我工作的。

這一主題也貫穿其他成員的發言中。

例如美國證監會委員Michael Piwowar提到,投資者最該問的是共同基金和交易基金是如何收費的。

美國證監會 成員Robert Jackson Jr.建議投資者使用BrokerCheck數據庫,這一數據庫由Finra維護,包含了中間商的背景,並與美國證監會的類似數據庫連接。

Jackson說道:「調查時,投資者應該問問自己,這個人就是我想托付金融未來的人嗎。」

本次會議是美國證監會第一次在華盛頓之外舉辦的市民會議。

美國證監會 委員Hester Peirce表示:「我們很高興能夠走出華盛頓,來聽聽你們的看法」。

 

 

 

美國證監會:新規則將禁止經紀人銷售最昂貴的投資

本文轉自Financial Advisor,奇點財經第一時間翻譯轉載,原文作者為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,美國證監會(SEC)的主席Jay Clayton在亞特蘭大投資者市政廳對聽眾表示,根據新的銷售行為標準提案,經紀人今後將不得向投資者推薦最昂貴的投資。

《規範最佳利益》是由美國證監會發起的新提案,旨在通過降低利益沖突(如更高的賠償會促使經紀人推銷更貴但超出客戶實際需求的產品)來更好地保護投資者。美國退休者協會(AARP)的執行官就《規範最佳利益》提案向Clayton進行了提問:在《規範最佳利益》的新提案中,是否存在適當性和最佳利益的差異。

Clayton回答說:「簡單來說,答案是存在差異。出於對最佳利益的考慮,我們建議提高對經紀人的要求,這與他們今天的情況不同。出於對是否適當的考慮,如果經紀人為客戶推薦兩項投資產品,經紀人可以比較哪個產品他能賺更多的錢。但是新的標準不允許他這麼做。經紀人的利益不能優先於客戶的利益。」

Clayton表示,「為了使建議也反映照料的義務(對經紀人行為的規範強化了該義務),我們將需要政策和程序。」

美國退休者協會由一群評論家組成,他們不認為《規範最佳利益》的新提案能夠保護消費者,而是希望看到適用於經紀人銷售行為的明確的受托人標準。

David Certner是美國退休者協會的立法顧問和政府事務立法政策主任,他將在美國證監會周四的投資者咨詢委員會上就《規範最佳利益》的新提案進行游說。

會議開始前,Certner給Clayton發了一封信,闡述了美國退休者協會所關心的問題,尤其是希望美國證監會的最終規則應做到以下兩點:明確界定投資專業人士的行為標準為「信用標準」;為投資者提供明確、有效的披露表格。

Certner在信中寫到:「現在的提案並沒有明確界定甚麼是「最佳利益標準」,而我們認為這是必須做到的。投資者也不理解五花八門的法律標準和披露表格。」

美國退休者協會表示,財務顧問和經紀人在提建議時,隱藏了費用和不合理的風險。這種利益驅動的建議導致消費者為退休存錢時每年會損失高達170億美元。

 

 

美國退休者協會繼續推動投資建議的合理化

本文轉自Goldrushcam.com,奇點財經第一時間翻譯轉載,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。

繼美國證監會(SEC)的新規則提案(旨在幫助消費者以最佳利益獲得投資建議)後,美國退休者協會(AARP)今天提前查看了計劃在本周舉行的SEC投資者咨詢委員會(IAC)的會議證詞。

美國退休者協會代表3800萬名成員和所有為退休而儲蓄的勤勞的美國人,將持續努力保證消費者能夠獲得最符合他們利益的建議。同時,美國證監會今天也在亞特蘭大、佐治亞開始了一系列地區市政廳會議。

美國退休者協會認為美國證監會的最終規則必須做到以下兩點:明確界定投資專業人士的行為標準為「信用標準」;為投資者提供明確、有效的披露表格。

美國證監會的新規則提案的目的在於幫助消費者獲得最合適的建議,並提供改善建議,進一步保護散戶投資者。預計美國退休者協會將贊揚美國證監會的目的。

如果不將規則明確化,美國退休人員協會擔心冗長的提案會令人困惑,也會讓消費者在面對複雜的規則和要求時收到相互矛盾的建議。

美國退休人員協會的立法顧問David Certner表示,「現在的提案並沒有明確界定甚麼是「最佳利益標準」,而我們認為這是必須做到的。投資者也看不懂五花八門的法律標準和披露表格。

美國退休人員協會數年來一直在基層和媒體上對投資建議做出了很多努力,這是因為數百萬辛勤工作的美國人需要依靠金融專業人士幫助他們做出與401(k)式退休儲蓄計劃相關的複雜財務決策。隨著消費者為退休儲蓄,他們每年損失170億美元,這是因為金融顧問和經紀人為了自己的利益做出了決策,包括隱藏費用和不公正風險。

Certner補充道:為了給尋求建議的人提供一個公正、透明的市場,所有提供投資建議的證券專家都必須遵守一個明確的規定。數十年來,註冊在案的投資專家和取得資格的金融方案提供者一直成功地提供著用戶利益優先的解決方案。

美國證監會市政廳會議周三在亞特蘭大舉辦,IAC會議將於6月14日周四在亞特蘭大舉辦。有關SEC的更多市政廳會議資訊,請訪問https://www.sec.gov/news/upcoming-events

 

英文原文為:

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.