ADISA joined major financial trade associations in expressing concerns regarding NASAA’s Survey on Regulation Best Interest Implementation, and have respectfully requested that the State Securities Regulators and members of the NASAA Reg BI Implementation Committee to adequately address the concerns.
 
Members of undersigned associations are concerned that as it currently stands, the information collected from the Survey will be inconsistent, incomplete and generally meaningless on an aggregated basis without further dialogue between NASAA task force members and industry stakeholders.
 
The various concerns include:
 

1. Unrealistic timeline (responses are required within 14 days, with the survey taking at least an hour to complete)
2. Stated purpose of the survey could be implied that the survey effort is an examination/enforcement initiative)
3. Jurisdiction (neither the email nor the survey identify whether it is to be solely limited to activities within the requesting jurisdiction or to include data across state lines)
4. Maintaining confidentiality (use of a commercial platform to conduct the survey, no specific public records exemption)
5. Lack of workable format (yes/no questions and radio boxes) and ambiguities in questions asked
6. Potential biasness against specific product types (private securities, non-traded REITs, etc.)
7. Allocation of resources to complete the survey, due to ongoing preparation for Reg BI

 
We encourage ADISA members to contact us if you have questions or concerns about the NASAA letter.
 
You can read the letter in its entirety here.