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House Bill Delays Agency Rulemakings that Would Extend Fiduciary Standard

On October 29, the House passed a bill that would delay agency rulemakings extending the fiduciary standard to brokers and advisers to retirement account advisers.  The bill would require that the Department of Labor delay any rulemaking until 60 days after the SEC issues final rules changing the standard of conduct applicable to brokers.  Prior to any rulemaking, the SEC would be required to determine that the change in the standard of conduct would not adversely impact retail investors.  In addition, the SEC would be required to publish “formal findings that such rule would reduce the confusion of a retail customer (and such other customers as the Commission may by rule provide) about standards of conduct applicable to brokers, dealers, and investment advisors.”

The text of the bill is available here


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