Though it’s important, the SEC’s initiative to create a uniform fiduciary rule under Dodd-Frank is not a front burner issue at the Commission. For example, the issue of crowd funding is more important, SEC Chair Mary Jo White stated at a recent Senate Banking Committee hearing.
The SEC is still conducting a cost/benefit analysis of a uniform standard, according to White. Meanwhile, a bill in the House of Representatives introduced by Rep. Ann Wagner (R-MO) would require even more cost/benefit analysis by the SEC. And there's the issue of coordination with the DOL’s rule on the redefinition of fiduciary expected later this year.
Responses to the SEC’s RFI on a uniform standard — due July 5 — included one from NAPA, online here; for a commentary by Brian Graff, Executive Director/CEO of ASPPA and NAPA, click here.
