SEC's Clayton: no silver bullet to solve fiduciary conundrum

Author: John Crabb | Published: 26 Oct 2017

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 rule.

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,...