Under its regulatory agenda, Labor lists an item titled “Fiduciary Rule and Prohibited Transaction Exemptions.” (Photo: Shutterstock)
Both the Securities and Exchange Commission and the Department of Labor have set a September 2019 deadline for finalizing regulations that will change how advice is given to retail investors and participants in workplace retirement plans.
The SEC's proposed Regulation Best Interest, which raises broker-dealers' standard of care to retail investors, a clarifying regulation on registered investment advisors' obligations to investors, and new disclosure requirements for advice providers are currently under review to account for thousands of comment letters from industry and stakeholders.
Meanwhile, the Labor Department is “considering regulatory options” after its fiduciary rule was vacated in the Fifth Circuit Court of Appeals earlier this year, according to a brief explanation of the agency's regulatory agenda.
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