As reported in Bloomberg, Jay Clayton characterized various objections to Regulation Best Interest and other parts of the rulemaking as “false, misleading” and in some cases, “policy preferences disguised as legal critiques.”” He also dismissed claims that the SEC’s interpretive release effectively lowered the standard of conduct for investment advisers. These remarks were made as part of a speech in Boston this week.
George Michael Gerstein advises financial institutions on the fiduciary and prohibited transaction provisions of ERISA. As co-chair of the fiduciary governance group, he assists clients with tracking, and understanding, the numerous fiduciary developments at the federal and state levels, including the rules and regulations of governmental plans. He also advises clients with respect to the fiduciary duty implications of ESG investing.