Los Angeles partner Fred Reish was quoted in an InvestmentNews article titled “The Legacy of the DOL Fiduciary Rule: Almost Gone, But Never Forgotten.” The article discusses the lingering effects of the near-defunct Department of Labor (DOL) fiduciary rule, as well as the Securities and Exchange Commission’s (SEC) proposed regulation.

Fred stated that the SEC’s proposed Regulation Best Interest standard mirrors the language of the DOL rule, but does not allow clients to sue brokers when they violate the rule. “The enforcement mechanisms are quite different, but the substantive rules themselves are very much the same,” Fred said.

Read “The Legacy of the DOL Fiduciary Rule: Almost Gone, But Never Forgotten.” (subscription required)

Source: InvestmentNews