SEC could step up if DoL fiduciary rule is overturned, FINRA CEO says
January 23 2017, 9:56pm EST | Chelsea Emery | FinancialPlanning
The SEC has been authorized to craft its own fiduciary standard under the 2010 Dodd-Frank Act. However, the regulator has yet to act.
In their wide-ranging conversation, Cook spelled out what he saw as FINRA’s role in enforcement of the regulation. He also discussed his goals for FINRA’s next five years.
Brown: What is FINRA’s role in relation to fiduciary duty for all financial advisers?
Cook: We currently do not see ourselves as the examination or enforcement regulator for that [DoL] rule. How we approach it could evolve over time, but it’s not something we’re planning to be the frontline regulator for.