SEC Conduct Standards Rulemaking

Institute opposes proposed Reg BI in August 6 SEC comment letter, offers way forward to reengineer rule to meet fiduciary principles.

The Proposed Rules

There are two rules and a guidance document. They may be found here.

Institute Statements

• June 11 Brief Analysis
• June 19 Comment Letter to Chairman Clayton
• June 19 Comment Letter from John C. Bogle
• June 19 Comment Letter from Michael Zeuner
• June 22 Comment Letter from Tamar Frankel

Media Reports

• September 19, 2018 – Reg BI Disclosure Does Not Pass Readability Test
• September 18, 2018 – Exclusive Interview: Harold Evensky says DOL Fiduciary Opened “Good” Pandora’s Box
• September 18, 2018 – Fiduciary Group: Brokers Must Tell Customers ‘We Do Not Represent You’
• August 20, 2018 – Proposed SEC advice rule obscures distinctions between two business models
• August 7, 2018 – Deluge of comment letters to SEC shows usual split on raising broker standards
• August 6, 2018 –  SEC Gives Brokers Free Pass On Fee Disclosures, Fiduciary Group Says by Tracey Longo (Financial Advisor)
• July 20, 2018 – Test Your Financial Advisor: Ask About the Fiduciary Rule by Andrea Coombes (Nerd Wallet)
• July 20, 2018 –
  Brooke’s Bits: Financial Engines begins private life today; Yahoo!’s Wells Fargo take-down may misunderstand branded wealth managers (RIABiz)
• July 19, 2018 – The SEC knows what’s best (registration required) by Brian Hamburger (InvestmentNews)
• July 19, 2018 – Behind closed doors: The big problem with how the SEC is getting insights from investors by Mark Schoeff Jr. (InvestmentNews)
• July 16, 2018 – Investors Tell SEC Best Interest Proposals Are Misleading by Tracey Longo (Financial Advisor)
• June 27, 2018 – Shouting into the void: RIAs worried by SEC’s broker-dealer proposals by Ian Wenik (CityWireUSA)
• June 21, 2018 – Investor protection rule is dead
• June 19, 2018 – Should investment advisers be put on a pedestal when it comes to advice standards?
• May 23, 2018 – Clayton: SEC left ‘fiduciary’ out of new advice rule to avoid investor confusion by Mark Schoeff Jr. (InvestmentNews)
• May 22, 2018 – SEC official addresses criticism of best-interest standard for brokers by Mark Schoeff Jr. (InvestmentNews)
• May 21, 2018 – Finra anticipates oversight role for SEC advice rule by Mark Schoeff Jr. (InvestmentNews)
• May 4, 2018 – Fiduciary advocates disagree SEC advice rule harmonizes standards by Mark Schoeff Jr. (InvestmentNews)
• May 2, 2018 – 6 big questions about the SEC advice rule by Greg Iacurci (Investment News)
• May 1, 2018 – Where’s The ‘Best Interest’ In The SEC’s Best Interest Proposal? by Tracey Longo (Financial Advisor)
• April 19, 2018 – SEC proposal leaves big gaps in broker, advisor standards by Kenneth Corbin (Financial Planning)
• April 19, 2018 – SEC Broker Conduct Plan Is Not a Fiduciary Standard by Melanie Waddell (Think Advisor)
• April 18, 2018 – Trump’s SEC Proposes Obama-Era Broker Conflict Rules Rewrite By Benjamin Bain and Robert Schmidt (Bloomberg Politics)
• April 18, 2018 – SEC advice rule hearing updates by Mark Schoeff, Jr. (Investment News)
• April 16, 2018 – SEC Proposed Rule(s) on broker dealer and investment adviser Standards of conduct expected on April 18 by Knut A. Rostad