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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.

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