DOL, SEC Appear To Be Harmonizing Fiduciary Standard
October 18, 2018 by Steve Morelli
The Department of Labor signaled that it is planning to harmonize its final word on its Conflict of Interest Rule with the Securities and Exchange Commission’s best interest standard, according to a prominent industry lobbyist.
That was the interpretation of the Office of Management and Budget’s issuing a fall agenda that lists a final rule for the DOL’s fiduciary and SEC’s Regulation Best Interest standards due in September 2019, according to Bradford P. Campbell, a partner with Drinker Biddle, a Washington, D.C., law firm.
“It’s the DOL and the SEC trying to end up in the same place in terms of regulation,” said Campbell, former assistant secretary of labor for employee benefits and former head of the Employee Benefits Security Administration.