Jay Clayton tells lawmakers SEC is drafting its own fiduciary duty rule – Pensions & Investments

SEC Chairman Jay Clayton told lawmakers on Wednesday that the agency is drafting a proposal for a fiduciary rule.

The agency is trying to catch up with the Department of Labor, which partially implemented its own fiduciary rule in June and is currently conducting a review of the regulation’s enforcement mechanisms as ordered by President Donald Trump that could lead to revisions. The Securities and Exchange Commission is currently receiving public comments about a fiduciary rule.

via Jay Clayton tells lawmakers SEC is drafting its own fiduciary duty rule – Pensions & Investments