The Trump administration’s threat to dismantle the Labor Department's fiduciary rule doesn't preclude new rulemaking. Instead, new rules could emerge from the SEC, which is accelerating work on its own version of the rule. The SEC’s effort would affect all brokerage accounts—not just those for retirement funds—and could ban brokers from calling themselves financial advisors unless they accept a strict duty of loyalty to clients. The SEC hopes to vote to propose its rules by the second quarter of 2018, according to people familiar with the matter.
Wall Street Journal (01/10/18)
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