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Clayton promises public outreach for SEC’s fiduciary rule

Joe Mont | April 26, 2018

Securities and Exchange Commission chairman Jay Clayton has outlined his plans for ensuring his agency’s proposed fiduciary rule is thoroughly scrutinized by the public.

Last week, the Commission proposed a rulemaking package that would: require broker-dealers to act in the best interest of their retail customers; reaffirm, and in some cases, clarify the fiduciary duty owed by investment advisers to their clients; and require broker-dealers and investment advisers to clarify for all retail investors the type of investment professional they are, and key facts about their relationship. The use of “adviser” and “advisor” as titles in certain circumstances may also be prohibited because they may mislead retail investors.

“This rulemaking is designed to serve our Main Street investors. It is intended to bring legal requirements and mandated...

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