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Congressional report: SEC, DoL at odds on fiduciary duty rule

Joe Mont | February 25, 2016

Among the most hotly contested rules currently in the regulatory pipeline is an effort to create a fiduciary duty for brokers who offer retirement advice, a White House-led effort to curb conflicts of interest. Rules to do so, as required by the Dodd-Frank Act and currently being crafted by both the Department of Labor and Securities and Exchange Commission, would limit all broker-dealers and advisers to only providing financial advice that is in the best interests of their clients.

Because the Labor Department’s final rule, submitted on Jan 29 to the White House’s Office of Management and Budget for final review, will predate anything from the SEC (which has yet to propose its rule) by at least several months, there is also an argument that the process undermines a perceived attempt by the Dodd-Frank Act to position the latter Commission at the...

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