“There will be pressure [on the SEC] to come up with a broker-dealer version of a fiduciary standard.” @Think_MelanieW @ThinkAdvisor features Brian Hamburger (@HDelux) and Dan Bernstein.

A fiduciary rule proposal by the Securities and Exchange Commission along with planned changes to the Labor Department’s fiduciary rule top the list of attention-getters for advisors and brokers in the new year, but other moves like a new cryptocurrency rule by the SEC and tougher cybersecurity exams (and enforcement actions) may also be on tap.

“Uniform means the same. It does not mean similar”, the two attorneys jointly state.   “There will be pressure [on the SEC] to come up with a broker-dealer version of a fiduciary standard. Watch for the emergence of the ‘best-interest standard,’ a term that is surprisingly confusing with the definition of the fiduciary standard but will not be bolstered by decades of common law.” If the SEC addresses the fiduciary issue “by enforcing the limited broker-dealer exemption that has simply not been enforced over the decades, the DOL will be able to remove themselves from this initiative.”

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