Healthy Markets Association and CFA Institute Release Statement on SEC’s Incomplete Efforts to Improve Cost Transparency for Investors

October 28, 2022

Washington, DC – Today, the Healthy Markets Association and CFA Institute released a joint statement regarding the October 26th adoption by the Securities and Exchange Commission (SEC) of new rules for tailored reports for fund shareholders.

“We at CFA Institute believe that these rules are a significant step towards providing investors with clear and consistent information about their investment fees and expenses,” said Andres Vinelli, Chief Economist at CFA Institute. “But the rule still leaves investors in the dark about their research and trading costs.”

“Given that US investors often don’t know what they’re paying, or even what they’re paying for, it’s past time for the SEC to demand basic transparency into trading practices and costs,” said Tyler Gellasch, President and CEO of Healthy Markets Association. “Investors in the US continue to be left behind.”

In November 2020, the Healthy Markets Association and CFA Institute jointly urged the SEC to require funds to disclose:

  • detailed transaction costs (not just commissions), including separate line items for costs of investment research paid from fund assets, regardless of how it is funded; and 
  • their best execution policies, which should reflect efforts to ensure that fund transaction costs, including commission dollars generated by the fund, directly benefit the asset owners in the fund. 

As the investor organizations explained, “investors should know how much they are paying for trading or research, and have the comfort that the research for which they are paying benefits them.”

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About Healthy Markets

The Healthy Markets Association is a not-for-profit member organization focused on improving the transparency, efficiency, and fairness of the capital markets. Healthy Markets promotes these goals through education and advocacy to reduce conflicts of interest, improve timely access to market information, modernize the regulation of trading venues and funding markets, and promote robust public markets. Its members include public pension funds, investment advisers, broker-dealers, exchanges, and data firms. Healthy Markets Association can be found online at or follow us on Twitter at @healthymkts.

About CFA InstituteCFA Institute is the global association of investment professionals that sets the standard for professional excellence and credentials. The organization is a champion of ethical behavior in investment markets and a respected source of knowledge in the global financial community. Our aim is to create an environment where investors’ interests come first, markets function at their best, and economics grow. There are more than 190,000 CFA charterholders worldwide in more than 160 markets. CFA Institute has nine offices worldwide and 160 local societies. For more information, visit or follow us on Linkedin and Twitter at @stephen-deane


Christopher Nagy

Healthy Markets Association

Andres Vinelli 

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