Though the promulgation of rules governing the fiduciary status of advisors is top of mind for the DC industry and plan advisors, the issue does not seem to be as urgent for the SEC. In a recently released 2014 rulemaking schedule, the SEC put its uniform fiduciary rule effort on the back burner, classifying it as a “long term” action among the 43 items it is considering in 2014.
The move comes just days after the SEC’s Investment Advisory Committee recommended that the agency advance the regulation.
Meanwhile, the DOL's controversial redefinition of fiduciary rule is to be reproposed in August 2014, indicating further delays. These schedules could change.
There is pressure on the DOL and the SEC to harmonize their efforts to redefine investment fiduciaries, in the form of a bill introduced by Rep. Ann Wagner (R-MO) that passed the House of Representatives in October, as well as concerns by congressional leaders about the mixed messages and confusion that conflicting rules might cause. Some experts have suggested that the delays could indicate that there is an effort by the SEC and DOL to work together.
