A fiduciary rulemaking by the Securities and Exchange Commission would not "stave off" the planned upcoming release of a fiduciary redraft by the Department of Labor, SEC Commissioner Daniel Gallagher said this week.
"I don't necessarily feel that people should take solace in an SEC rulemaking to stave off a DOL rule," Gallagher said during a one-on-one discussion with Richard Ketchum, CEO of the Financial Industry Regulatory Authority, during the self-regulator's annual conference in Washington.
The re-release of a DOL rule proposal to amend the definition of fiduciary under the Employee Retirement Income Security Act is "a very real issue, and we have to take it into account," he said.
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