SEC chief Jay Clayton tells lawmakers agency is drafting its own fiduciary duty rule
October 5, 2017 by Mark Schoeff Jr.
Securities and Exchange Commission Chairman Jay Clayton told lawmakers on Wednesday that the agency is drafting a proposal for a fiduciary rule.
The agency is trying to catch up with the Department of Labor, which partially implemented its own fiduciary rule in June and is currently conducting a review of the regulation’s enforcement mechanisms as ordered by President Donald J. Trump that could lead to revisions. The SEC is currently receiving public comments about a fiduciary rule.
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