SEC Jumps Into Fiduciary Rule Fray, Seeking Comments on 'Future Action'
SEC chief Jay Clayton said he looked forward to "robust, substantive input" on advisor and BD standards of conduct.
June 02, 2017 at 10:00 AM
6 minute read
Securities and Exchange Commission Chairman Jay Clayton said Thursday that the agency is seeking comment on a laundry list of issues to inform “possible future actions” by the agency on a fiduciary duty rulemaking.
Noting Labor Secretary R. Alexander Acosta's recent announcement that Labor's June 9 compliance date will move forward, Clayton said that the rule “may have significant effects on retail investors and entities regulated by the SEC,” as well as “broader effects on our capital markets. Many of these matters fall within the SEC's mission of protecting investors; maintaining fair, orderly, and efficient markets; and facilitating capital formation.”
Clayton said that he welcomes Labor's “invitation to engage constructively as the Commission moves forward with its examination of the standards of conduct applicable to investment advisers and broker-dealers, and related matters.”
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