FIA signs letter to SEC on negative impacts of Safeguarding Advisory Client Assets proposal

12 September 2023

FIA has joined with a diverse set of trade associations –  26 in total – in sending a letter to US Securities and Exchange Commission Chair Gary Gensler urging the SEC not to adopt the Safeguarding Advisory Client proposed rule in its current form.

“We support the Commission’s goal of ensuring high levels of investor protection, including the safety of client assets from potential misuse or loss. However, in its current form, the proposal is in conflict with that goal as it will result in a myriad of negative impacts on investors including their access to various assets and markets with well-established rules and procedures,” the associations wrote in the letter. “As such, we strongly urge the Commission not to adopt the proposal in its current form.”

The associations highlight how the proposal would adversely affect market participants, in many cases by creating requirements that are inconsistent with, and duplicative of, existing safeguards enforced by the Commodity Futures Trading Commission, federal banking agencies, and state insurance regulators, as well as certain preexisting SEC requirements.

Read the letter, signed by the below organizations, here.

ABA Securities Association (ABASA)

American Bankers Association (ABA)

Alternative Investment Management Association (AIMA)

American Council of Life Insurers (ACLI)

Association for Financial Markets in Europe (AFME)

Bank Policy Institute (BPI)

Commercial Real Estate Finance Council (CREFC)

Committee of Annuity Insurers

Committee on Capital Markets Regulation (CCMR)

Commodity Market Council (CMC)

Financial Services Forum (FSF)

Financial Services Institute (FSI)

Futures Industry Association (FIA)

Institute for Portfolio Alternatives (IPA)

Insured Retirement Institute (IRI)

International Swaps and Derivatives Association (ISDA)

Investment Company Institute (ICI)

Loan Syndications and Trading Association (LSTA)

Managed Funds Association (MFA)

Money Management Institute (MMI)


National Society of Compliance Professionals (NSCP)

Securities Industry and Financial Markets Association (SIFMA)

Securities Industry and Financial Markets Association Asset Management Group (SIFMA AMG)

The Real Estate Roundtable (RER)

U.S. Chamber of Commerce Center for Capital Markets Competitiveness (CCMC)

  • FIA
  • Customer Protection \ Segregation
  • Advocacy
  • Americas