DOL Fiduciary News: December 13, 2017
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SIFMA Expects an SEC Best Interest Rule Before DOL Delay Expires
WealthManagement; Dec 12, 2017
The Securities Industry and Financial Markets Association said it expects the Securities and Exchange Commission to propose a best interest standard before the full implementation date of U.S. Department of Labor’s fiduciary rule.
In November, the DOL announced an 18-month extension of its fiduciary rule until July 1, 2019 to allow time to complete a review and consider alternatives, as directed by President Donald Trump. Critics said it was an effort by the Trump administration to curtail, or even kill, the rule, which requires advisors to retirement accounts to act in a client’s best interest.
SIFMA represents broker/dealers, banks and asset managers who manage more than $67 trillion in assets for individual and institutional clients, including mutual funds and retirement plans, and contends there should be a rule that sets a standard across both the industry and all accounts.
In October, SIFMA told Nevada securities regulators it should forgo rulemaking that would create a fiduciary rule in the state.