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.
‘Enforcement 40’ for 2020
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