Court Strikes Down DOL's Fiduciary Rule, But SEC Proceeds With Its Own Version

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SEC Chairman Jay Clayton said the agency is proceeding with its own fiduciary rule, which would not be affected by the 5th Circuit Court of Appeals' decision to vacate the DoL's previous incarnation of the regulation,

United States Employment and HR

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SEC Chairman Jay Clayton said the agency is proceeding with its own fiduciary rule, which would not be affected by the 5th Circuit Court of Appeals' decision to vacate the Department of Labor's previous incarnation of the regulation, which required brokers to act in the best interests of their clients in retirement accounts and had been partially implemented while certain provisions remained under review following a directive from the White House. Clayton said the decision has not affected the SEC's efforts and, when asked about a timeline regarding a proposed rule, he said "the sooner the better."
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