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SEC could step up if DoL fiduciary rule is overturned, FINRA CEO says

January 30, 2017

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.

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Matthew C. Strife
Blue Vault Services
April 11, 2016

Blue Vault's services are without question great resources for the review of the nontraded products offered.