We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (17,774)
  • Industry Conferences (3)
  • Industry Job Openings (3)
  • Moore on the Market (207)
  • Negative Media (139)
  • Positive Media (73)
  • Sheryl's Articles (656)
  • Wink's Articles (265)
  • Wink's Inside Story (238)
  • Wink's Press Releases (99)
  • Blog Archives

  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • May 2008
  • February 2008
  • August 2006
  • SEC Nominees Say Fiduciary Rule Isn’t Top Priority

    October 25, 2017 by Melanie Waddell

    Securities and Exchange Commission Chairman Jay Clayton signaled Tuesday that the agency’s rule would not supplant the Labor Department’s fiduciary rule, just as the two nominees to fill the open commissioner spots expressed support for the agency coordinating with Labor and the states in crafting a fiduciary rule.

    Click HERE to read the original story via ThinkAdvisor.

    Yet, in Tuesday testimony at their nomination hearing before the Senate Banking Committee, Mercatus Fellow Hester Peirce and Columbia Law School professor Robert Jackson did not include a fiduciary rule among their list of top priorities the commission should tackle — citing cybersecurity, oversight of the Financial Industry Regulatory Authority and executive compensation as more pressing issues.

    However, the two did air their views about Labor’s rule and the SEC’s role in a best-interest standard after being queried by Sen. Mike Rounds, R-S.D., who called Labor’s fiduciary rule “fundamentally flawed,” and stated that a fiduciary rule “should have been done at the SEC.”

    Rounds asked Peirce and Jackson their views on Labor’s rule and on the SEC’s role in such a rulemaking.

    Jackson, a Democrat, expressing his first public views on a fiduciary rule, responded that the SEC “should have an important role in the development of these fiduciary standards; it is a natural area for the SEC to do a rulemaking,” citing Clayton’s work with Labor and other regulators “to develop the SEC’s presence.”

    Refraining from commenting “too much on a matter that might come before me if I were confirmed,” Jackson continued, “my own view in developing this type of standard is to make sure that the market and investors have consistency. My concern is that investors are one day going to think they have one standard of protection with retirement assets, and another standard of protection with their brokerage accounts; I think that kind of confusion is not only costly, but doesn’t let investors know what they need to know about the protections they have.”

    Peirce, a Republican, reiterated her concerns about Labor’s rule “as it’s currently written,” stating that she’s “glad that calmer minds have prevailed and that people at DOL and at the SEC are taking a look at it.”

    She added: “It’s important to work with the states as well and try to get everyone in a room to work together for the objective that everyone has, which is to make sure that investors know the type of service they’re getting and that they have access to service.”

    When asked during a question-and-answer session at the Securities Industry and Financial Markets Association’s Capital Markets conference in Washington the same day if the SEC’s fiduciary rule would “supplant” DOL’s standard, Clayton responded that Labor has “their process, we have our process. …we have to respect this,” adding that “at the end of the day we’re all going to operate in this” fiduciary space.

    “The SEC has a responsibility to be a leader in this space, DOL has a responsibility and the states have a responsibility. We need to cooperate. At the end of the day, hopefully we’ll end up in a place where the investor is satisfied.”

    Noting that the SEC chairman sets the agency’s agenda, Senate Banking Committee Chairman Mike Crapo, R-Idaho, queried Peirce and Jackson on what areas they believed the commission should zero in on in the next year.

    “In addition to the rulemaking agenda that’s going to be taking up a lot of time,” Peirce responded, the oversight of firms by the SEC’s Office of Compliance Inspections and Examinations should be high on the agency’s agenda. “I want to see how that’s working,”  including the oversight of self-regulatory organizations like the Financial Industry Regulatory Authority, she said.

    Another priority should be “to take a look at market structure again, not only equity market structure but fixed income market structure,” she said. “We need to have a long-term view on how we address some of the problems cropping up in those areas.”

    Recent events “suggest that cybersecurity will be an important area for us to keep an eye on,” Peirce added.

    Jackson agreed that the recent cybersecurity breaches “at the SEC and public companies show that have some work to do,” adding that “making sure that our securities rules and our securities regulators have the tools and technologies in place to keep up with the changing marketplace” is a top priority.

    Completion of the outstanding Dodd-Frank Act mandated rules, should also be high on the agency’s list, Jackson said. “I’m concerned that seven years after the passage of that law, several important investor protections, including protections around executive compensation, and the clawback of erroneously awarded pay, still aren’t finished,” he told lawmakers. “Right now, the commission has several proposals before it that are worth attention.”

    Another area of focus should be enforcement, Jackson said, “and the law of insider trading. I worry that some of the recent events have caused investors to wonder whether or not the SEC is really on top of the job.”

    Originally Posted at ThinkAdvisor on October 24, 2017 by Melanie Waddell.

    Categories: Industry Articles
    currency