SEC ‘Moving Forward’ on its Own Fiduciary Rule, Says Chief

By John Iekel • July 12, 2017 • 0 Comments
“It is important that the Commission make all reasonable efforts to bring clarity and consistency” to “standards of conduct that investment professionals must follow in providing advice to Main Street investors,” Securities and Exchange Commission (SEC) Chairman Jay Clayton said on July 12. He made his remarks in an address to the Economic Club of New York in New York City.

“There is a lot of work to do, and this issue is complex,” said Clayton, adding, “That should not deter us, and we are moving forward.” He said that any action the SEC takes “will need to be carefully constructed, so it provides appropriate and meaningful protections but does not result in Main Street investors being deprived of affordable investment advice or products.”

Clayton also expressed the hope that the SEC “can act in concert with our colleagues at the Department of Labor in a way that best serves the long-term interests of Mr. and Ms. 401(k).”

Clayton stressed that the commission welcomes and needs public comment, noting that he had issued a statement to that effect in June. “The Commission had last solicited information on this issue four years ago,” he told the club, continuing, “Suffice it to say a lot has happened since then. Robust public comment can help us evaluate potential regulatory actions in light of current market activities and risks. I encourage the public to send us feedback and any data that may be helpful to us. Instructions for how to submit this information are available on www.sec.gov.”

Comments can be submitted on a webform here; they can be submitted via email here.





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