Securities and Exchange Commission (SEC) chairman Jay
Clayton stressed the importance of respecting and cooperating
with the Department of Labor (DoL) to establish a satisfactory
conclusion to the challenge that is the fiduciary standard
While he has recently suggested that the SEC is looking at
drafting its own version of the rule, a prospect that has
garnered significant support from the industry, he appeared to
distance himself from overriding the rule entirely during this
week’s Securities Industry and Financial Markets
Association’s annual meeting in Washington DC.
"At the end of the day we've all got to operate in this
space," he said. "The SEC - I think we have the authority, I
think we have the expertise to be leaders in this space, but
the DoL has a responsibility,...