Agency still hasn't gotten down to brass tacks on what rule would cost
The Securities and Exchange Commission today launched an effort to determine how raising investment advice standards for brokers would affect the financial markets.
The agency released a 72-page request for information that would be used to conduct a cost-benefit analysis of a potential rule that would require brokers to act in the best interests of their clients — an obligation that investment advisers already meet….
In their response to the information request, the Certified Financial Planner Board of Standards Inc. will try to convince the SEC to move forward with a rule.
“We plan to use this opportunity to continue advocating for a strong, principles-based fiduciary standard that – consistent with Dodd-Frank – is no less stringent than the existing fiduciary standard under the [Investment] Advisers Act,” Marilyn Mohrman Gillis, CFP Board managing director of public policy and communications, said in a statement. Read more >
Mark Schoeff, Jr.
March 1, 2013