In his first month as chairman of the Securities and Exchange Commission, Jay Clayton put the wheels in motion to formulate a uniform fiduciary standard for brokers and investment advisers, something that eluded his two direct predecessors and which supporters and critics alike agree could be a herculean task.
Sworn in on May 4, Mr. Clayton released a request for comment on fiduciary duty on June 1, making it one of his first official actions. And in October, he told lawmakers that the SEC staff was already drafting a fiduciary proposal.
via SEC Chairman Jay Clayton’s quest to forge a fiduciary standard.
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