SEC Solicits Comments on Standards of Conduct for Investment Advisers & B-Ds

By Randi Morrison posted 06-02-2017 12:33 PM

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Yesterday, SEC Chair Jay Clayton issued a Statement launching an open-ended (no deadline), informal public comment period on standards of conduct for investment advisers and broker-dealers to obtain current information on market practices and trends to facilitate its evaluation of potential regulatory actions in this area. The area of inquiry is the SEC's equivalent of the DOL's controversial Fiduciary Duty rule, although the SEC's ultimate approach may differ significantly (e.g., a disclosure-based approach as opposed to a standards-of-conduct-based approach). Clayton's statement discusses the background of, interest in, and objectives regarding, this topic from the SEC's point of view, and sets forth a laundry list of questions for public input. The SEC solicited data and information on this topic most recently in 2013.

The statement notes:

Members of the public interested in making their views known on these or other related matters, even before official comment periods may be opened, are invited to submit those views via the webform [see here] or e-mail address [click here: E-mail ] linked below. To the extent that you are responding to a particular question(s) above, please identify such question(s) in your submission. Members of the public who wish to submit comments on any future rulemaking should submit comments during the official comment period, if applicable, that would start with the notice of the initiative published in the Federal Register.

In addition to the specific questions, the consultation welcomes the submittal of data and other information that may inform the SEC's evaluation and/or update relevant information since its 2013 solicitation. Comments submitted will be made publicly available on the SEC's website.

See our report in yesterday's Society Alert (see "Fiduciary Duty Rule: DOL Issues Guidance, Continues Review") on the status of the DOL's Fiduciary Rule.

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