10/28/2024 | Press release | Distributed by Public on 10/28/2024 10:12
Washington, D.C., October 28, 2024 - SIFMA today released a new white paper analyzing the risks to financial services firms associated with the Certified Financial Planner (CFB) Board's continually expanding role as a de facto private regulator for CFP Certificants.
SIFMA is comprised of hundreds of member firms that employ tens of thousands of individuals who hold the CFP private certification. Over the past nearly two decades, CFP Board has continued to expand and grow its own regulatory regime for CFP Certificants.
SIFMA's White Paper addresses this expanding regulatory regime. The purpose of the Paper is to:
Some of SIFMA's key recommendations to CFP Board include:
SIFMA's President and CEO, Kenneth E. Bentsen, Jr. stated, "SIFMA and its members are committed to addressing and ameliorating the significant risks imposed by CFP Board's regulatory regime. We look forward to working collaboratively with CFP Board, and the SEC and FINRA, to develop long-term workable solutions that benefit all affected parties."
SIFMA's White Paper can be found here: https://www.sifma.org/resources/general/cfp-boards-regulatory-regime-for-cfp-certificants/
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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry's one million employees, we advocate on legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development.
SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).