Tag: Fiduciary rule

SEC’s Clayton: One Rule to Rule Them All – Barron’s

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,…

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‘Fiduciary Rule’ Poised for Second Life Under Trump Administration – WSJ

The Securities and Exchange Commission is accelerating work on its own version of the “fiduciary rule,” a regulation issued by the Labor Department that put restraints on brokers handling retirement accounts. The SEC’s effort would affect all brokerage accounts—not just those for retirement funds—and could ban brokers from calling themselves financial advisers unless they accept a strict duty of loyalty…

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Can the SEC and DOL really harmonize advice standards for brokers and advisers? — InvestmentNews

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…

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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…

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SEC chairman promises action on fiduciary rule | Financial Planning

SEC Chairman Jay Clayton pledged to move forward on the fiduciary rule in a “coordinated” process with the Department of Labor. Clayton presented the agency’s trimmed-down $1.6 billion budget request before a Senate subcommittee Tuesday, noting more than half would pay for enforcement and examinations. The SEC and Labor Department must work together on “the very complicated issue” of the…

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Now, Your Financial Advisers Will Have to Put You First (Sometimes) – The New York Times

The fiduciary rule — which was created under the Obama administration and has, for now, survived efforts to quash it — takes partial effect on Friday. That means all types of financial advisers, including brokers and insurance agents, must put their customers’ interests ahead of their own financial motives, at least when handling customers’ retirement accounts. via Now, Your Financial…

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