Washington, D.C. partner Brad Campbell was quoted in an On Wall Street article titled, “As SEC inches forward on fiduciary, can advisers expect action this time?” SEC Chairman Jay Clayton recently asked for renewed public input in the ongoing fight over a fiduciary standard. In Secretary of Labor Alexander Acosta’s May 22 Wall Street Journal opinion article on the DOL’s separate fiduciary rule, Secretary Acosta suggested a role for the SEC as the DOL considers its next steps in potentially amending the DOL fiduciary rule (which went into partial effect on June 9th). Though the SEC was authorized to craft its own, separate fiduciary standard under securities law in the Dodd-Frank Act of 2010, the SEC has not yet proposed a new standard.
Brad noted that the regulatory environment for the SEC has changed significantly with the DOL fiduciary rule becoming applicable, saying of Chair Clayton’s action, “I think it’s a very positive development. When you listen to both Secretary Acosta and Chair Clayton, it’s clear that they are working on coordinating a response.”
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