IMCA Leaders Meet with SEC Commissioners

As part of its efforts to raise IMCA’s profile in Washington, IMCA leadership held a series of meetings with SEC commissioners in the Spring of 2013. During these meetings, IMCA highlighted the importance of certification, education and ethics requirements for investment and wealth advisors that are the hallmarks of IMCA’s professional development programs. Emphasis was placed on the CIMA® certification being the only U.S. financial designation approved under ANSI’s rigorous review process. To-date meetings have been held with SEC commissioners Luis Aguilar (far left) and Troy Paredes, and another meeting is slated with Commissioner Daniel Gallagher. The meetings have been characterized by an upbeat and frank discussion of the issues currently under review by the SEC, said IMCA CEO Sean Walters, CAE®, noting considerable discussion around the recent agency request for economic data related to the cost and benefits of a uniform fiduciary standard for brokers and advisers. then IMCA Chair Betsy Piper/Bach also described the meetings as positive, adding that the Commissioners were very solicitous of IMCA’s views.

In September 2014, IMCA Chairman John Nersesian, Chief Executive Officer Sean Walters, and Past President, Government Relations Committee Chair Betsy Piper/Bach again met with regulators at the SEC, meeting with senior staff of the Securities and Exchange Commission in two key departments that oversee the market conduct standards for wealth managers: the Division of Investment Management (IM) and the Office of Compliance Inspections and Examinations (OCIE). IM plays an important role in developing regulations and interpretive guidance for registered investment advisers (RIAs) while OCIE essentially interprets the rules, drafted by IM and approved by the SEC Commissioners, as part of its periodic surprise inspections of firms’ books and records.