This week’s nomination of Wall Street attorney Jay Clayton to head the Securities and Exchange Commission prompted speculation that the agency charged with policing financial markets will pivot from a rulemaking and enforcement posture to one focused on facilitating more access to capital markets.
If accurate, the fate of the long-awaited SEC version of a rule creating a uniform fiduciary standard for the investment advisory industry may be in jeopardy.
Last Spring, outgoing SEC Chair Mary Jo White said a proposal for the Personalized Investment Advice Standard of Conduct rule would be released in April of 2017, about the time the Labor Department’s fiduciary rule is scheduled for implementation.
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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.
