As the Securities and Exchange Commission begins tofield comments on how the agency should regulatebroker-dealers’ conflicts of interests, one of the country’sforemost fiduciary advocacies is urging a simpler alternative to new rulemaking:Enforce the laws on the books before crafting a uniform fiduciarystandard.
CFA Institute, which charters fiduciaries around the globe, ishoping the SEC will revisit its enforcement policy ofsection 208(c) of the Investment Advisers Act before attempting todraft a uniform fiduciary standard, a process that undoubtedly willbe drawn out and contentious, even if executed efficiently.
An ardent supporter of a fiduciary standard for anyone providinginvestment advice to retail investors, the Institute staked aposition unique to the thousands of stakeholders on both sides ofthe debate throughout the rulemaking process for the Labor Department’s fiduciary rule.
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