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Some States Moving on the Fiduciary Front, Claiming Vacuum of Progress at the SEC
March 15, 2019

OUTSIDE NEWS - When the DOL Fiduciary Rule was knocked out by the federal courts and DOL turned the lead over to the SEC on development of uniform fiduciary standards for broker-dealers and investment advisers, the SEC followed with its much-critiqued Regulation Best Interests. The differences in fiduciary duties among trust departments, RIAs and broker-dealers constitutes an area of great interest to many SER members.Media reports indicate that the states are taking matters into their own hands and adopting legislation and rulemaking that establishes fiduciary standards or related disclosures and they're aiming mainly at the broker-dealer community. A helpful summary of developments along this line appears in a recent article by journalist Susan Antilla. We link to the March 12 article here, more for factual background than for its slant on the issues.  The article's title is "States Begin to Crack Down on Broker Abuse as the SEC Dithers." 


 


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