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Fiduciary duty rules poised to redefine an industry

Joe Mont | February 9, 2016

In all likelihood, we won’t see even a notice of proposed rulemaking on “Personalized Investment Advice Standard of Conduct” from the Securities and Exchange Commission until October. That timeline for meeting a requirement of the Dodd-Frank Act comes from the Commission’s recent update to the White House’s Office of Management and Budget.

The Department of Labor, however, crafting a similar rule, is already acting on it, looking to get it on the books before President Obama leaves office [its final rule is currently undergoing a last-step review by the Office of Management and Budget]. That effort has put the investment world on high alert.

White-maryjo-0814In recent remarks, SEC Commissioner Mary Jo White has said her staff is “flat-out” working on its rule proposal, but won’t rush it for fear of unintended...

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