As the Securities and Exchange Commission begins to field comments on how the agency should regulate broker-dealers’ conflicts of interests, one of the country’s foremost fiduciary advocacies is urging a simpler alternative to new rulemaking: Enforce the laws on the books before crafting a uniform fiduciary standard.
CFA Institute, which charters fiduciaries around the globe, is hoping the SEC will revisit its enforcement policy of section 208(c) of the Investment Advisers Act before attempting to draft a uniform fiduciary standard, a process that undoubtedly will be drawn out and contentious, even if executed efficiently.
An ardent supporter of a fiduciary standard for anyone providing investment advice to retail investors, the Institute staked a position unique to the thousands of stakeholders on both sides of the debate throughout the rulemaking process for the Labor Department’s fiduciary rule.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
