Application No. D-12122 , Comment 02, SIFMA, 05142026

Summary: SIFMA, a trade association representing broker-dealers and asset managers, opposes the proposed individual exemption because it imposes overly broad and unnecessary regulatory conditions. They argue that the exemption should instead utilize more tailored conditions similar to those issued prior to 2013, especially since the underlying disqualifying event was unrelated to the firm's core asset management activities.