March 5, 2018
- President, TD Ameritrade Trust Company
Managing Director of Advisor Advocacy & Industry Affairs
Just when you thought the Securities and Exchange Commission had shelved all work on the fiduciary standard, rules governing broker and adviser conduct are back in the spotlight.
Jay Clayton, who last year took over as SEC chairman, has declared that broker and adviser standards are a high priority for the coming year and that the commission could propose a new conduct rule as early as this spring.
The conventional wisdom says the SEC is eager to hammer out a rule before July 1, 2019, when remaining provisions of the Department of Labor’s Conflict of Interest Rule are scheduled to come into effect. It is therefore possible that the SEC rule could play a role in how advisory firms comply with the DOL rule, fundamental provisions of which went into effect in 2017.