To Break Fiduciary Deadlock, Groups Lay Out Path for SEC

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To Break Fiduciary Deadlock, Groups Lay Out Path for SEC

Mar 30, 2012

Hoping to break the stalemate in the Securities and Exchange Commission's efforts to write a rule to put brokers under a fiduciary mandate, seven leading consumer and industry organizations supporting a uniform fiduciary duty provided the SEC on Thursday with a "roadmap" for resolving the debate about how to create that rule.

To move the current "deadlocked" process forward, the groups say the "compromise framework" uses a July 2011 letter from the Securities Industry and Financial Markets Association (SIFMA) as a starting point to the SEC finding "common ground" with many of the groups' positions and suggesting a path forward where there is disagreement.

The organizations represented in the letter are the Consumer Federation of America, Fund Democracy, AARP, Certified Financial Planner Board of Standards, Inc., Financial Planning Association, Investment Adviser Association, and the National Association of Personal Financial Advisors. Read more >

Melanie Waddell
March 30, 2012

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