Despite a SIFMA study that identified an estimated $8 million in new compliance costs, broker-dealers remain broadly in support of a higher fiduciary standard from the Securities and Exchange Commission, according to SIFMA. "SIFMA remains strongly supportive of a uniform fiduciary standard for broker-dealers and investment advisors when providing personalized investment advice about securities to individual retail clients," SIFMA's senior managing director and general counsel, Ira Hammerman, told the SEC in a comment letter examining the costs and benefits of a uniform standard. SIFMA will hold a member call Wednesday on this important topic. See the details below in the SIFMA News Section. Read more about SIFMA's cost estimate for the fiduciary standard.

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