The Securities and Exchange Commission will let the Department of Labor move first in releasing its fiduciary redraft, which DOL recently said won't come until next August, two prominent industry officials predicted this week.
"The SEC doesn't want to go first" in releasing a fiduciary rule, Mary Wallace, senior legislative representative for AARP, said during a panel discussion on fiduciary duty at the Consumer Federation of America's financial services conference in Washington.
Indeed, Mercer Bullard, founder of Fund Democracy and associate professor at the University of Mississippi School of Law, who sat on the panel with Wallace, told ThinkAdvisor before his comments that he believes DOL chief Thomas Perez has decided to revisit the DOL's reproposal "from the ground up" in order to gain industry support for the rule.
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