An insurance group lauds a proposal requiring the SEC to merely examine a single standard of care. And what will come of the study? Not much, says a consumer advocate.
The proposal clarifies that the funds are insurance products that should be overseen by states rather than securities that should be regulated by the Securities and Exchange Commission.
Mr. Harkin's amendment would clarify that these funds are insurance products that should be overseen by states rather than the Securities and Exchange Commission.
Standard of care takes center stage on Capitol Hill amid a flurry of offers, counteroffers, and counter-counteroffers. Right now, House-Senate negotiators appear to be locked in a stalemate.
A small provision buried in both the House and Senate versions of financial-reform legislation is being hailed by some as a modest but important step for the financial planning industry.
The fate of a universal fiduciary standard for brokers and financial advisers hinges on the outcome of House-Senate negotiations over the most dramatic overhaul of financial regulations since the 1930s.
Getco, a market-making firm that specializes in global high-frequency electronic trading, insists that it followed SEC ethics rules in recruiting and hiring a top SEC official as its associate general counsel.
PAC funding boosts ASPPA's clout on Capitol Hill; 'bigger voice'
House and Senate negotiators last week hit an impasse that may be resolved as early as tomorrow on the fiduciary duty provision embedded in the massive financial regulatory reform bill.
For now, it's unlikely that the Senate will consider any amendments that are not already in the pipeline for floor action.
