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News January 8, 2007 Issue

SIFMA to DOL: Don’t Do It

DOL’s proposed amendment to Form 5500 Schedule C, which would effectively require advisers to unbundle soft dollar research, "goes way beyond" Section 28(e).

So said SIFMA, which recently filed a comment letter imploring the agency to back away from its proposed form changes. The letter highlighted the operational difficulties in producing the requested information, and argued that any reported data would be unreliable and costly to provide.

Time will tell if DOL heeds SIFMA’s plea: The agency is expected to act on its Form 5500 proposal next month.

SIFMA, short for the "Securities Industry and Financial Markets Association," is the new trade group created by the merger of the Securities Industry Association and the Bond Market Association.