As regulators struggle to harmonize retail-advice rules, blending them into a single fiduiciary standard, count on hearing some sour notes from the industry. In fact, nowhere is the debate over investment advice standards more discordant than surrounding the term “harmonization.”
Over the next two years, harmonization will be at the heart of the work of the Department of Labor and the Securities and Exchange Commission as they try to formulate regulations for retail investment advice.
‘Enforcement 40’ for 2020
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