Missouri has proposed an amendment that would treat an investment adviser’s access to a client account using the client’s own unique identifying information – such as a username and password – as a dishonest or unethical business practice. The proposal has significant implications for investment adviser firms and investment adviser representatives registered with the State of Missouri using, or considering using, third-party account aggregation and account-management technologies to view or manage held-away assets, including employer-sponsored retirement accounts.
Category Archives: Missouri
SIFMA vs. Missouri: A Legal Battle Over ESG Investing Disclosures by Investment Advisers & Broker-Dealers
August 11, 2023
The Securities Industry and Financial Markets Association (“SIFMA”) recently filed a lawsuit against the Missouri Secretary of State, Jay Ashcroft, in U.S. District Court. This legal dispute is a result of new rules, which target broker-dealers and investment advisers for so-called “woke” investing, specifically using Environmental, Social, or Governance criteria (“ESG”) or other non-financial objectives (e.g., Bibically Responsible Investing, Halal Investing).
