August 6, 2018
The Honorable Jay Clayton, Chairman
100 F Street, NE
Washington, DC 20549
RE: Regulation Best Interest; File No. S7-07-18
Dear Chairman Clayton:
I write, as president of the Institute for the Fiduciary Standard*, in response to your request for comment on standards of conduct for investment advisers and broker dealers. This letter addresses Regulation Best Interest (RBI).
The SEC has a unique and vital role in overseeing over 12,000 registered investment advisers with trillions of dollars in assets held by 54% of U.S. households, according to Gallup. Fiduciary duties serve to guide adviser conduct; the Commission edits and publishes the guide. Your guidance is critical for advisers seeking to know they meet the standard and, also, to ’self-police’ their own actions.
The SEC has released three proposed rules on conduct standards for
Read the entire comment to the SEC below.