Securities and Exchange Commission (SEC) commissioner
Michael Piwowar announced his intention to stand down from his
role yesterday, throwing doubt over the future of the
best-interest standard rule proposed by the agency last
In an open letter to President Trump, Piwowar outlined his
intention to resign from the post on July 7 or when a successor
is sworn in, whichever is sooner. The move could make a big
difference as to how chairman Jay Clayton is able to move
forward with the set of proposals made in April that suggested
new standards of conduct for broker-dealers, offer new guidance
on fiduciary duty for registered investment advisors (RIAs),
and introduce requirements for supplementary disclosure of
conflicts of interest.
Piwowar's departure has come as something of...