Jay Clayton assures Republican critics of DOL rule that agency's proposal would give investors the option of choosing a broker for investment advice.
Alabama securities director takes helm of state regulators' association for third time, and at age 64 he might still make time to ride his motorcycle.
The exam proposal would apply to 'low-risk' branch offices, while the public database proposal would more closely resemble the SEC's Form ADVs.
Agency forecasts it will inspect at least 14% of registered investment advisers in current fiscal year, up from 10% in recent years, but still below the 50% rate achieved by Finra for B-Ds.
The regulator alleges the brokers recommended a pattern of high-cost frequent trading without telling clients that such a strategy was unlikely to produce profits.
Retirement-savings proponents remain vigilant in protecting deferrals as GOP releases tax-reform framework.
Legislation would establish a different best interest standard that would require brokers to disclose the compensation they receive and any conflicts of interest that are linked to investment products they sell.
While Senate hearing focused on recent cyberbreach, SEC chairman highlighted fiduciary duty as 'a priority for me.'
GOP's regulation-killing rider has failed in previous years, but investor advocates remain wary.
