Fiduciary rule among SEC’s 2015 priorities
November 26, 2014 by Melanie Waddell
Among the top Dodd-Frank Act rulemakings that the Securities and Exchange Commission will focus on in fiscal 2015 are evaluating recommendations from a staff report to consider a uniform fiduciary standard for investment advisors and broker-dealers as well as finding ways to harmonize rules for advisors and brokers, the agency said in its just-released financial report for fiscal 2014.
SEC Chairwoman Mary Jo White said Nov. 10 that she would provide more “clarity” as to her position on a uniform fiduciary rule in the “short term,” despite the fact that the agency has not yet decided “whether to do something or what to do” regarding such a rulemaking.
White declined to clarify to reporters at the Securities Industry and Financial Markets Association annual conference in New York how soon her opinions on a fiduciary rule would come, stating only that deciding whether to use the authority given to the SEC by the Dodd-Frank Act to put brokers under a fiduciary mandate is “an issue that I’ve been focused on since I arrived, and certainly in this last fiscal year.” Click here to read…