Happy Friday, readers! This week brought another interesting development in the ongoing saga that is the implementation of the Department of Labor’s strict new fiduciary rule, in the form of a statement issued by new SEC Chair Jay Clayton. The messaging seems to indicate that DOL and SEC remain interested in improving protections for retail and retirement investors—despite the Trump administration’s anti-regulatory rhetoric. Find our full coverage and helpful context below.
The SEC chair issued only a brief statement on his intention to work with DOL officials on reforming conflict of interest regulations—but his language is revealing.
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The Securities and Exchange Commission is proposing a new rule and rule amendments under the Investment Advisers Act of 1940 aimed at bolstering advisory industry succession planning.
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The legislation would reform the Securities and Exchange Commission Rule 701, which imposes a slew of regulations on small businesses, especially newly formed start-ups.
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DOL’s authority to regulate the financial services industry is separate from the authority conferred on the SEC, FINRA and state insurance, and other, regulators. Notwithstanding the potential conflicts and overlaps, the courts appear to believe that the DOL and other regulators can co-exist and effectively regulate together.
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