In effect, the Labor Department could craft a new sellers' exemption that says an advisor or broker is in compliance with the fiduciary rule, so long as they are in compliance with the standards ultimately produced by the SEC. (Photo: AP)
As the Securities and Exchange Commission continues to field comments on a uniform fiduciary standard, some stakeholders are speculating that the Labor Department could draft a new exemption to its fiduciary rule based on a best interest standard produced by the SEC.
"One potential outcome of DOL's rule is that if you satisfy SEC requirements, you then satisfy the DOL rule," said Cliff Kirsch, a securities attorney with Eversheds Sutherland.
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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.
