The effort by the Securities and Exchange Commission to write a uniform fiduciary regulation for the brokerage industry could be limited by language in the Dodd-Frank Act and potentially dilute the existing fiduciary standard, according to Investor Advocate Rick Fleming at the SEC.
Fleming, who is the first to occupy the investor advocate post, which was created by Dodd-Frank, made the remarks in his annual report to Congress.
That landmark bill, which President Obama signed into law in July 2010, brought sweeping reforms to the nation's bank and financial institutions in the wake of the financial crisis.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
