I don’t know if it cause that but it is very bad!! It hurts small community banks.
My investment counselor said it was intended to purposely hurt small investment firms. Since she’s with Ed Jones, she thought it was a good thing. BTW, she’s a lefty.
She went on about if the little guys do not comply with all the requirements, there will be many, many lawsuits and that lawyers were waiting to take them on.
The deadline for me to come on line with my investments is April 2017, which meant centralizing my portfolio somewhere with someone I do not know and doubling the fees to do it.
You have no idea how pissed I was.