SEC’s Jay Clayton makes fiduciary duty a priority, acknowledges issue is ‘complex’

July 18, 2017 by Mark Schoeff Jr.

In his first major address since taking office in May, SEC chairman Jay Clayton said a fiduciary rule is one of his priorities and that he would like to work with the Labor Department on an advice standard.

“With the Department of Labor’s fiduciary rule now partially in effect, it is important that the commission make all reasonable efforts to bring clarity and consistency in this area,” Mr. Clayton said in a speech at the Economic Club of New York. “It is my hope that we can act in concert with our colleagues at the Department of Labor in a way that best serves the long-term interests of Mr. and Ms. 401(k).”

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Originally Posted at InvestmentNews on July 12, 2017 by Mark Schoeff Jr..