Groups Say SEC’s Best Interest Proposal Fails to Provide Uniform Fiduciary Standard
Many groups and regulatory officials feel as though the SEC’s ‘best interest’ proposal “fails to impose a uniform fiduciary standard.” Xavier Becerra, California’s Attorney General, calls the proposed rules “toothless” because emphasis is placed on “disclosure instead of preventing conflicts of interest”. Additionally, many groups feel as though the SEC did a poor job by leaving key terms, such as ‘best interest’, undefined. Throughout this article, organizations such as AARP, FPA, PIABA comment on the proposal and offer their recommendations on ways to clear up some of the ambiguity surrounding the new rulings. Click here to read the full article.