News | 01.09.19
Is SEC's Reg BI Coming in Q1?
New House Financial Services Committee Chairwoman Maxine Waters (D-CA) was among 35 House Democrats who complained to SEC Chair Jay Clayton last year that the agency’s Regulation Best Interest was not a true fiduciary standard. Industry officials see Waters pressuring Clayton further this year. A big question, however, is when the rules will be finalized. Bob Plaze, former co-director of the SEC’s Division of Investment Management, sees the government shutdown throwing a wrench in the SEC’s plans. “The SEC is not open for the staff to work on it,” Plaze said, adding that he believes the SEC commissioners “are a ways off from figuring out what to do” with the advice-standards package.
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