November 3, 2017
FSI Wants Disclosure Regime for SEC’s Fiduciary Rule
The Financial Services Institute has suggested the SEC take a disclosure approach in drafting a uniform fiduciary rule as an alternative method to the best interest contract exemption put forth by the Department of Labor, ThinkAdvisor writes.

FSI Wants Disclosure Regime for SEC’s Fiduciary Rule

November 1, 2017 | Alex Padalka | Financial Advisor IQ

The Financial Services Institute has suggested the SEC take a disclosure approach in drafting a uniform fiduciary rule as an alternative method to the best interest contract exemption put forth by the Department of Labor, ThinkAdvisor writes.

In a comment letter to the SEC, David Bellaire, FSI’s general counsel, says the regulator should use a two-tier client disclosure regime that would combine a concise document at the point of sale with a more comprehensive and detailed disclosure on the financial firm’s website, according to the publication. The first tier would inform investors of the most critical information at a time when it’s most useful, according to the letter cited by ThinkAdvisor.

Bellaire suggests this could include a statement on the firm’s best interest standard of care, nature and scope of the relationship between clients and the company, and a “general description” of the compensation going to the firm and the financial advisor, according to the publication.

Read Full Article Here

 

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