SEC Muddies Fiduciary Rule Waters With Comment Request

Law360, New York (June 7, 2017, 8:10 PM EDT) -- U.S. Securities and Exchange Commission Chair Jay Clayton waded into the debate over the U.S. Department of Labor's fiduciary rule last week by requesting input on how his agency should approach a standard of its own, but experts said such a collaboration could provide an excuse for further delay.

In his statement published June 2, Clayton called for public input on conduct standards governing investment advisers and broker-dealers, saying the SEC would work with the Labor Department as that agency enacts its own fiduciary rule, the first portion of which takes effect on June 9.

Clayton's move into the best interest...

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