No SEC Fiduciary Rule until after the End of Obama Administration

SEC Chairwoman Mary Jo White said Tuesday that the agency plans to monitor the implementation of the Department of Labor Fiduciary Rule before moving ahead with a uniform fiduciary rule in case, “conflicts develop.” More on the DOL Rule here.

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5 Things to Know About the Final DOL Fiduciary Rule

This past Wednesday, the Labor Department released the much anticipated final version of its fiduciary rule. The rule raises the standards for investment advice, theoretically protecting investors’ retirement accounts.

  1. Suitable retirement advice is no longer enough. Brokers must act in their clients “best interest” when offering retirement advice. This means a ban on any commissions or financial incentives that might motivate advisors to advise against what would be in best interest for their clients. However, advisors are still permitted to recommend proprietary products.

 

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SEC, DOL Fiduciary rules may differ says SEC Chairwoman

During Tuesday’s subcommittee on Financial Services and General Government, republican lawmakers questioned Securities and Exchange Committee (SEC) chair Mary Joe White on how a rule from the SEC to create stricter retail investment advice standards might be affected or operate in conjunction with a similar rule from the Department of Labor (DOL). The committee expressed concern about whether requiring compliance of similar rules from separate agencies might cause confusion for investment firms.

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