Regulatory Outlook | 09.08.20
State Regulators Urge DOL to Defer Action on Its Fiduciary Rule
State securities regulators are urging the DOL to defer its proposed fiduciary rules until it has proof that they would work to protect investors. The rules are designed to harmonize with the SEC's Regulation Best Interest, but there is no data showing the SEC rule will prevent the costly conflicts of interest that have been shown to harm workers and retirees, said Ohio Securities Commissioner Andrea Seidt, speaking on behalf of the North American Securities Administrators Association, during a hearing hosted by the DOL last week.
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