SEC will pursue fiduciary rule in 2013

The Securities and Exchange Commission plans to “move forward” next year with a uniform fiduciary standard rule for advisors and brokers when providing personalized investment advice as well as “continue to assess” ways to better harmonize advisor and BD rules when they are providing similar services, according to the agency’s just-released 2012 Financial Report.  

The agency will forge ahead with a fiduciary rule in 2013 even with a new chairman at the helm, SEC Commissioner Elisse Walter, who will fill in for Mary Schapiro until a permanent chairman is named. While Walter, a Democrat, has sided with current SEC chairwoman Schapiro as well as the other Democratic Commissioner, Luis Aguilar, in “vigorously” advocating “that all investors should receive equal protection under the law from a uniform fiduciary standard,” she likely wouldn’t go along with putting brokers under the Investment Adviser Act fiduciary standard. However, Walter has been a strong proponent of harmonizing advisor and BD rules.