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SEC, DOL moving in tandem on investment advice rules

In a post-fiduciary-rule-vacated world, are SEC and DOL aiming for complementary regulation?

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collage of building columns and dollars 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.

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Nick Thornton

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.

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