The SEC has begun to work with the Department of Labor on a fiduciary rule proposal to harmonize the standards of conduct for advisors and broker-dealers, Jay Clayton, the agency’s chairman, told members of the House Financial Services Committee. Clayton’s comments suggest that after months of collecting and reviewing comments on what a uniform fiduciary standard should look like, the commission is now moving forward on shaping a rule, marking the next stage in what figures to be a contentious process.
Source: State-level fines and penalties hit 5-year high | On Wall Street
Mark Astarita is a nationally recognized securities attorney, who represents investors, financial professionals and firms in securities litigation, arbitration and regulatory matters, including SEC and FINRA investigations and enforcement proceedings.
He is a partner in the national securities law firm Sallah Astarita & Cox, LLC, and the founder of The Securities Law Home Page - SECLaw.com, which was one of the first legal topic sites on the Internet. It went online in 1995 and is updated daily with news, commentary and securities law related links.