At SIFMA’s annual meeting this week, SEC Chair Mary Jo White declined to specify a clear timeline for when her agency would release the much-anticipated uniform fiduciary rule. However, she reiterated that the rulemaking effort is a high priority on which she is personally spending time. White also commented that just because an advisor charges a commission, that does not mean there is a conflict.
While the DOL is moving on their own fiduciary rule — now expected out in April, according to NAPA CEO/Executive Director Brian Graff — White stated that the two agencies are in conversations.
Also this week:
• Schwab EVP Bernie Clark warned at Schwab’s “Impact” conference in Washington that the SEC’s uniform fiduciary rule could cost advisors $1 billion in operations and compliance costs; and
• FINRA CEO Richard Ketchum underscored his group’s move toward a more “fiduciary” approach for members as a principle if not a rule. Principles guide, regulations design and rules prohibit.
