SEC Chairman Jay Clayton said the agency is proceeding with its
own fiduciary rule, which would not be affected by the 5th Circuit
Court of Appeals' decision to vacate the Department of
Labor's previous incarnation of the regulation, which required
brokers to act in the best interests of their clients in retirement
accounts and had been partially implemented while certain
provisions remained under review following a directive from the
White House. Clayton said the decision has not affected the
SEC's efforts and, when asked about a timeline regarding a
proposed rule, he said "the sooner the better."
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