SEC Moving Forward on Fiduciary Rule, Clayton Says

June 28, 2017

SEC Moving Forward on Fiduciary Rule, Clayton Says

The SEC chairman tells Congress that he will coordinate the agency’s fiduciary rule with Labor’s version

June 27, 2017 | by Melanie Waddell | ThinkAdvisor

Securities and Exchange Commission Chairman Jay Clayton on Tuesday signaled that the agency is moving ahead on a coordinated fiduciary rule with the Department of Labor.

Sen. Jerry Moran, R-Kansas, told Clayton during the Tuesday hearing held by the Senate Appropriations Committee’s Subcommittee on Financial Services and General Government regarding the agency’s fiscal 2018 budget that he’s “worried there’s a lack of regulatory harmonization occurring” between the SEC and Labor regarding a fiduciary rule, and asked Clayton for any updates regarding the SEC’s “actions to sort of catch up with the Department of Labor when it comes to the fiduciary duty rule.”

Clayton responded by first citing the June 1 request for information the agency released “in light of Labor moving forward with the fiduciary rule, at least the first phase of it.”

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April 11, 2016

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