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SIFMA sues Missouri Securities Division over new state rule

Photo of Kenneth Bentsen, President & CEO of SIFMA,
Kenneth Bentsen, President & CEO of SIFMA. Photo: Chip Somodevilla/Getty Images

Julie DiMauro

2 min read
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SIFMA filed a lawsuit to counter a new Missouri rule requiring financial firms to obtain client signatures before providing advice incorporating social or nonfinancial objectives.

The Securities Industry and Financial Markets Association (SIFMA) has filed a lawsuit challenging two new rules passed by the state of Missouri’s Securities Division. The rules require financial firms to obtain client signatures on state-scripted documents before providing advice that “incorporates a social objective or other nonfinancial objective”.

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