SEC commissioner Michael Piwowar filed a public comment letter with the Department of Labor that criticized the Obama-era Fiduciary Rule governing retirement investment advisers. The letter, sent in response to DOL's request in June for public feedback on the rule, outlined what Piwowar called "three of the most salient" of his many concerns about the rule. Specifically, he said the rule: reflects a view that disclosures are insufficient to protect investors from potential conflicts of interest, in contrast to standard economic theory; lacked nuance in its regulatory approach to different financial services activities, specifically the securities selling typically associated with broker-dealers and the advice provided by investment advisers; and may bring "significant, unintended" consequences resulting from complying with multiple regulatory standards.

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