(Washington)
The SEC and DOL made monumental announcements this week. The SEC chairman vowed to undo the current fiduciary rule, and both pledged to work in tandem to form better fiduciary regulation. Well, the first step in that big rule change has also emerged. SEC chairman Clayton boosted the SEC's budget for regulatory tests and its appears that total advisor exams will surge 20% this year, and another 5% next year. Summarizing the change, Clayton said "I expect that for at least the next several years we will need to do more each year to increase the agency's examination coverage of investment advisers in light of continuing changes in the markets".
FINSUM : It seems likely that one of the early phases of the move towards a new regulatory standard will be to bulk up on examinations, making advisors ostensibly more "qualified" to abide by the forthcoming changes.
- SEC
- fiduciary rule
- exams
- DoL
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
