The SEC’s proposed best-interest rule should replace competing standards at the federal and state level, SEC chairman Jay Clayton says.
“There are too many regulatory cooks in the kitchen,” he said Wednesday at a public forum in Philadelphia, according to The Wall Street Journal. Several states are in the process of creating their own advice standards, and a similar rule, issued by the Department of Labor, was recently struck down in court.
‘Enforcement 40’ for 2020
Join Us On LinkedIn
Join the Securities Litigation and Enforcement Group on LinkedIn