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 www.sec.gov.

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.

Add Your Comments

2 Comments

  1. Mike Sladky
    Posted April 12, 2018 at 11:30 am | Permalink

    Yawn! Most overly regulated industry; and regulators still trying to fix something that isn’t broke. Hopefully the SEC will get an ear full.
    The problem is that adult USA citizenship is not saving enough as well as terrible at personal budgeting. Regulators should focus on easing up on the 401k compliance regulations–start with the ADP test! Also increase the IRA deductible contribution levels. Have a nice day.

  2. Paul Carmichael
    Posted April 12, 2018 at 2:35 pm | Permalink

    The last few days I have been listening to Mark Zuckerberg on the stand for Facebook. Most of the house and senate seem to grill him on the fact that nobody understands the disclosures, yet they want to add more disclosures and notices to our industry that nobody understands execpt those in the business for a long time.

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