SEC could step up if DoL fiduciary rule is overturned, FINRA CEO says
January 23 2017, 9:56pm EST | Chelsea Emery | FinancialPlanning
The SEC has been authorized to craft its own fiduciary standard under the 2010 Dodd-Frank Act. However, the regulator has yet to act.
In their wide-ranging conversation, Cook spelled out what he saw as FINRA’s role in enforcement of the regulation. He also discussed his goals for FINRA’s next five years.
Brown: What is FINRA’s role in relation to fiduciary duty for all financial advisers?
Cook: We currently do not see ourselves as the examination or enforcement regulator for that [DoL] rule. How we approach it could evolve over time, but it’s not something we’re planning to be the frontline regulator for.
Best Due Diligence meeting in the industry. No sales pitches, senior level decision makers, meaningful discussions and the Broker Dealer networking sessions were especially useful. Thanks to Blue Vault for raising the bar!