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。
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」。
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。
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.