Advocacy in action blog

The Securities and Exchange Commission's Political Contribution Rule (Rule 206(4_-5 under the Investment Advisers Act of 1940) imposes unnecessary compliance burdens on financial professionals while restricting their participation in the political process and constitutionally protected free speech. NAIFA has submitted a comment letter urging the SEC to rescind the rule and clarify in the Final Release that FINRA Rule 2030, which was adopted solely to implement and support the SEC's Rule, should likewise be rescinded.

NAIFA Senior Vice President for Government Relations Diane Boyle on June 22 submitted comments to FINRA in response to Regulatory Notice 21-17, Supporting Diversity & Inclusion in the Broker-Dealer Industry. Among several recommendations, NAIFA requested the U5 filing time limit be extended from two years to five years. Given the subject matter difficulty and extensive time commitment to earning FINRA Series Registrations, the extension would allow for a broader group of advisors to maintain their credentials despite taking leaves from the industry.  

NAIFA has suggested ways for the Financial Industry Regulatory Authority (FINRA) to promote diversity, equity, and inclusion (DEI), and the association’s ideas have gained notice.

In an article this week, the influential industry publication ThinkAdvisor has highlighted suggestions made by NAIFA Senior Vice President for Government Relations Diane Boyle and Policy Director Maeghan Gale. Among the NAIFA ideas called out by ThinkAdvisor are:

The Financial Industry Regulatory Authority (FINRA) issued a request for comments as part of its efforts to support dialogue for greater diversity and inclusion within the financial industry. NAIFA submitted comments to Regulatory Notice 21-17 that highlighted our commitment to Diversity, Equity, and Inclusion (DEI) as part of the NAIFA 2025 strategic plan, the mission of our DEI Council, and the importance of cooperation among the industry to drive change.