Dave Grim, former Director of the SEC’s Division of Investment Management, and now a member of Stradley’s Fiduciary Governance Group, interviewed with Melanie Waddell of ThinkAdvisor on the significant ETF rule.
William Galvin submitted a comment letter to the SEC criticizing proposed Regulation Best Interest and suggested that, absent the SEC’s withdrawal of the proposal, “Massachusetts is prepared to adopt a fiduciary standard for broker-dealers.” Meanwhile, the attorneys general of New York, California, Connecticut, Delaware, Hawaii, Illinois, Maine, Maryland, Massachusetts, Minnesota, New Mexico, Oregon, Pennsylvania, Rhode Island, Vermont, Washington and the District of Columbia submitted a comment letter calling for a uniform fiduciary standard and, inter alia, for Reg BI to “require the elimination of certain conflicted compensation incentives that cannot be sufficiently mitigated and to base any differential compensation to individuals on neutral factors.”
The Investment Adviser Association submitted a comment letter regarding SEC’s proposed (1) Regulation Best Interest, (2) Form CRS, (3) title reform, and (4) Advisers Act Interpretation. The letter can be found here.
Tuesday marks the close of a public comment period for the Securities and Exchange Commission’s Regulation Best Interest, a recasting of the politically imploded fiduciary standards crafted during the Obama administration by the Department of Labor. Ahead of the Aug. 7 deadline, proponents, opponents, and the not-entirely convinced weighed in with nearly equal parts praise and concern.