In what is perhaps the most forceful defense of the Securities and Exchange Commission's recent rule-making on broker-dealer and investment adviser conduct, Chairman Jay Clayton hit back against his critics, saying their arguments ranged from false and misleading to simple "nonsense" in a speech before an investor roundtable event in Boston this week.
"Since we adopted our rulemaking package, there has been no shortage of views expressed, both from those in support of our efforts and from those who would have preferred a different approach," Chair Clayton said in his address.
"Some of this commentary has, in my view, shown a lack of understanding of the law and legal obligations of financial professionals, both before and after adoption of our rulemaking package. This has only further solidified my view that our actions were timely and appropriate, and will ultimately benefit retail investors and our markets," he added.
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