SEC Fiduciary Standard Moves Ahead…At a Snail’s Pace


It only took a year and some prodding from both Congress and the public, but the SEC finally issued its request for information on proposed regulation that would bring brokers under the fiduciary standard.

After Chairwoman Elisse Walter told the Senate Banking Committee during a recent Feb. 14 hearing that the agency was planning to send out a public request for information “in the near future,” the regulator made good on that promise Friday.

The SEC is asking broker-dealers, financial advisors and retail investors to submit their comments regarding the impact of adopting an industry-wide uniform fiduciary standard. Specifically, the regulator is looking for empirical and quantitative data, but said that it would also welcome thoughts and opinions regarding the potential costs and benefits of new rules.

“This request for information will help us in our ongoing consideration of alternative standards of conduct for certain broker-dealers and investment advisers, as well as potential harmonization of other aspects of regulation in this area,” Walter said in a statement.

Those interested will have 120 days to submit their comments to the agency by emailing to, with file number 4-606 in the subject line.


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