/FROM PR NEWSWIRE
1/8IN 3/8 FIN
1/8SU 3/8 STP AVO
TO BUSINESS, AND POLITICAL EDITORS:
Third Dodd-Frank Fiduciary Standard Proposal Allows Private Right of
organization, delivered a Petition for Rulemaking to the Securities
the original intent of the Investment Advisers Act of 1940, which
requires a clear dichotomy between a salesperson and an Adviser.
The Petition seeks three remedies to protect American retirement
investor savings, (1) Eliminate dually registered Wrap Accounts, (2)
Ban mandatory arbitration for all retirement savings accounts and (3)
Allow a private right of action for any retirement savings account.
Why is this Petition necessary? The
proposals for a "fiduciary standard", mandated by
proposals are from the brokerage/financial planning industry. Neither
presents a true "fiduciary" standard for the retirement investor, due
to blurring of roles. Both serve to benefit the brokerage/planning
industry while simultaneously harming the individual retail retirement
investor. Both proposals continue to eliminate any legal recourse for
the retail retirement investor (IRA), when there have been breaches of
"Investors deserve their day in court, " stated SEC Commissioner
Aguilar recently. "It is unrealistic to expect that the Commission
will have the resources to police all securities frauds on its own,
and as a result, it is essential that investors be given private
rights of action to complement and complete the Commission's efforts."
IRA investors who have been defrauded or harmed by breaches of the
Advisers Act currently have no access to the Courts, which only serves
to exacerbate fraud and unnecessary retirement losses.
advocacy organization that seeks to ensure the long-term stability of
the U.S. economy through equitable enforcement, for both individuals
and corporations, of financial laws and regulations.
RELATED LINKS ? http://www.thederivativeproject.com
/Web Site: http://www.thederivativeproject.com
SU: STP AVO
— CG87276 —
|Copyright:||(c) 2012 The Associated Press|