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SEC Announces Open Meeting on Fiduciary Issues

The Securities and Exchange Commission has announced plans for an open meeting to consider the agency’s long-awaited — and much anticipated — fiduciary proposal.

According to a notice on the SEC’s website, the meeting will be held on Wednesday, April 18, 2018, at 3:30 p.m. at the Commission’s headquarters in Washington, DC.

The notice says the SEC will be considering:

  • Whether to propose new and amended rules and forms to require registered investment advisers and registered broker-dealers to provide a brief relationship summary to retail investors.

  • Whether to propose a rule to establish a standard of conduct for broker-dealers and natural persons who are associated persons of a broker-dealer when making a recommendation of any securities transaction or investment strategy involving securities to a retail customer.

  • Whether to propose a Commission interpretation of the standard of conduct for investment advisers.

The meeting will be open to the public, and will be webcast on the Commission’s website at

SEC Chairman Jay Clayton has continued to express his commitment to issuing a fiduciary proposal, and recent reports suggest that the agency is accelerating that effort. And, with the 5th U.S. Circuit Court of Appeals’ recent decision – for the moment at least – leaving the status of the Labor Department’s fiduciary rule in doubt, the hearing should be worth… watching.