The nominees for the two open SEC commissioner spots testified before a Senate panel, answering lawmakers’ questions on disclosure, the Fiduciary Rule and other topics. Republican Hester Peirce and Democrat Robert Jackson each discussed their top priorities, which include market structure, cybersecurity, oversight of FINRA and completion of certain Dodd-Frank rules, according to a ThinkAdvisor report. Both Peirce and Jackson, who are expected to gain Senate approval, expressed concern about the DOL Fiduciary Rule and suggested that the SEC should have a role in any rulemaking related to a fiduciary standard. At a separate event in Washington, Chairman Jay Clayton noted the responsibilities of the states, the DOL and the SEC and said that the agencies and states needed to cooperate in the fiduciary space. Meanwhile, the SEC named Brett Redfearn, former Global Head of Market Structure at J.P. Morgan, the Director of the Division of Trading and Markets. Redfearn began his career at the American Stock Exchange and has served on the boards of Bats Global Markets, the Chicago Stock Exchange, BIDS Trading, and the National Organization of Investment Professionals.