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Clayton hints Reg BI may be out earlier than expected

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SEC chair didn’t offer details but said: “You won’t have to wait long”

By Mark Schoeff Jr.

Published in Investment News

Securities and Exchange Commission Chairman Jay Clayton remained tight-lipped about investment advice reform regulation on Thursday, but he hinted that it might be released sooner than expected.

In a discussion with reporters, he sidestepped a question about how the centerpiece of the package, so-called Regulation Best Interest, would address mitigation of broker conflicts of interest.

“Wait and see,” Mr. Clayton said on the sidelines of an Investment Company Institute annual meeting in Washington. “You won’t have to wait long.”

Mr. Clayton seemed to suggest that a final rule was imminent. Most observers are predicting a release sometime this summer. Mr. Clayton didn’t elaborate on a timeline.

Read the full article on Investment News

Dan Moisand

 

Dan Moisand is a nationally recognized fiduciary fee-only financial planner, an Institute Real Fiduciary™ Advisor and Chair-elect of the CFP Board.

The Institute has enshrined the ‘Moisand Rule’ on fiduciary practices. It is basic and is more important today than ever: “You have to avoid conflicts. If I avoid a conflict, I don’t worry about it.”

Watch the video of Moisand speaking here.

Bob Veres

 

Bob Veres is a long term observer of financial planning. His Newsletter, “Inside information” Is a staple of leading planners. In the May edition he writes about fiduciary and the Institute.

"But a much bigger point is that the fiduciary standard—as Knut Rostad of the Institute for the Fiduciary Standard has pointed out—has been determined by the Supreme Court (1963 ruling) to be at the very heart of the Investment Advisers Act of 1940. It is the foundation of what it means to be an RIA registered with the SEC instead of a tipster or a tout."

- Bob Veres, Parting Thoughts ... The SEC's Own Compliance Culture