“…We remain unclear as to SIFMA’s authority to make this selection of a new administrator of the Protocol…” @RIABiz @lisshidler features @HDelux.

Now that stewardship of the Broker Protocol has passed to Capital Forensics, the fear is the firm may wish to play on its insider position to advantage a few of its own broker-dealer clientele… But if or how they intend to do so is unclear — as is the process by which the firm was selected to succeed Bressler, Amery.

“…We remain unclear as to SIFMA’s authority to make this selection of a new administrator of the Protocol, what criteria they may have used to arrive at their decision, and why they would have thought that firms weren’t deserving of any advance notification,” read the statement from Hamburger. “We continue to believe that the SEC needs to intervene with regulation to ensure client interests are unequivocally protected, that signatories do not find themselves adhering to the Protocol but accused to have violated other rules, that the joinder list is administered fairly for all firms, and that clients receive notification when a firm joins or departs the Protocol.”

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