Have Fiduciary Standards Been ‘Watered Down’? SEC’s Clayton, Jackson Go Toe to Toe

September 25, 2019 by Melanie Waddell

Two Securities and Exchange Commission officials went toe to toe Tuesday on whether the agency’s advice-standards package waters down the fiduciary standard for investment advisors.

During an oversight hearing held by the House Financial Services Committee — in which the chairman and commissioners were present — Rep. Carolyn Maloney, D-N.Y, probed Commissioner Robert Jackson, a Democrat, on whether he believes the reinterpretation of the Investment Advisers Act of 1940, which was passed along with Reg BI, “weakens the advisor fiduciary standard and increases risks for retail investors.”

Originally Posted at ThinkAdvisor on September 24, 2019 by Melanie Waddell.