July 21 not only marks the one year anniversary of the passage of the Dodd-Frank Act, but it's also the date when the Securities and Exchange Commission (SEC) will turn its attention to crafting a fiduciary duty rule for brokers.
What's the chance the SEC will not issue a fiduciary duty rule? There's about a "one in one hundred chance [the SEC] does nothing," said John Taft, CEO of RBC Wealth Management, during comments at the Securities Industry Financial Markets Association's (SIFMA) Dodd-Frank Impact Analysis conference on Wednesday.
Taft, who also serves as chairman of SIFMA, was part of a panel discussion exploring Dodd-Frank's impact on the individual investor, which primarily focused on the fiduciary duty rule for brokers that was mandated under Section 913 of Dodd-Frank and which SEC Chairman Mary Schapiro (left) has said the agency will begin writing after July 21.
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Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2023. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
