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SEC Work on Fiduciary Standard ‘Expeditious’

The Securities and Exchange Commission (SEC) is working “expeditiously” on a uniform fiduciary standard, according to SEC Chair Mary Jo White. She made her comments at the Nov. 10 annual meeting of the Securities Industry and Financial Markets Association (SIFMA).

White reported that her agency is “very full-out focused” on the standard, according to Wealth Management. She noted that the SEC has been working toward such a rule for a long time and added the caveat that “it’s not a short, quick uncomplicated rulemaking.”

SIFMA reports that also at its conference, the Capital Markets Conference as well as members of the House of Representatives from both sides of the aisle asserted that it’s really the SEC’s role to issue such a rule and urged the Department of Labor (DOL) work with the SEC in the effort.

Reps. French Hill (R-Ark.) and David Scott (D-Ga.) emphasized that the Dodd-Frank Act stipulates that the responsibility for such a rule lies with the SEC, says SIFMA. Scott questioned having two standards and expressed wonder that the SEC chair did not assert with the DOL that issuing the rule is really the function of her agency.