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SEC Notice Calls for Public Input to Inform Analysis, Future Action on Fiduciary Standards

A statement issued by SEC Chairman Jay Clayton acknowledged the U.S. Labor Secretary’s desire that the SEC “engage constructively” on the rulemaking process around conduct standards for advisers and broker-dealers who provide investment advice. Clayton’s statement also noted that the DOL Fiduciary Rule may have significant effects not only on retail investors but also entities regulated by the SEC. The SEC has been working on its own fiduciary rule for several years and, according to the statement, is seeking “substantive input” that will inform its assessment of possible future actions. The statement lists 17 areas in which retail investors and other members of the public can provide input to help the SEC’s analysis as it “moves forward with its examination of the standards of conduct applicable to investment advisers and broker-dealers, and related matters.” A Wall Street Journal report noted that supporters of the DOL Fiduciary Rule are concerned that an SEC rule may be weaker than the DOL’s version. 

 
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