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DOL, SEC fiduciary rules may diverge, Mary Jo White tells lawmakers

March 23, 2016

BY MARK SCHOEFF JR. | | UPDATED

Securities and Exchange Commission Chairwoman Mary Jo White told lawmakers Tuesday that if the agency proposes a rule to raise investment advice standards, it may not mesh perfectly with a separate Labor Department rule that will soon be finalized.

Republican lawmakers at a House Appropriations subcommittee hearing on the SEC budget expressed concerns about the DOL fiduciary rule and how it would operate with a similar SEC rule, if the agency acts on the authority provided by the Dodd-Frank Wall Street Reform and Consumer Protection Act to promulgate such a regulation.

Rep. Mark Amodei, R-Nev., asserted that there would be confusion, as financial advisers try to comply with one rule from DOL and one from the SEC.

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Ramón A. Rivera-Ramos
Blue Vault Nontraded REIT and Nontraded BDC Reviews
September 1, 2016

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