The SEC is seeking public opinion regarding the standard of care, conflicts of interest, regulation, disclosures, technologies, and investor confusion in relation to the standard of conduct applicable to retail advisers and broker-dealers. Mr. Clayton asks, “If the Commission were to proceed with a disclosure-based approach to potential regulatory action, what should that be? If the Commission were to proceed with a standards-of-conduct-based approach to potential regulatory action, what should that be? Should the standards for investment advisers and broker-dealers be the same or different? Why? For purposes of Commission action in this area, if any, how should “investment advice” be defined? Should certain activities be expressly excluded from the definition of “investment advice”?” Mr. Clayton welcomes coordination with the Department of Labor as it implements and re-considers the Fiduciary Rule. For more information on Mr. Clayton’s speech and the questions they are asking, please click here.
To supply comments to the SEC inquiry online, please click here for the SEC webform. You may also email the SEC your comments at rule-comments@sec.gov.
Please note that the Commission will post all submissions on the Commission’s Internet website without change; the Commission will not edit personal identifying information from any submissions. Therefore, only make submissions that you okay with being made available publicly.
Red Oak is in full support of the SEC adopting a uniform fiduciary standard for all advisers and broker-dealers. Please support this initiative and submit your comments today.
About Red Oak Compliance Solutions
Red Oak Compliance Solutions is the global advertising review software of choice in the financial services industry. It is a comprehensive suite of SEC 17A-4 compliant features that are 100% books and records compliant and provides clients with 35% faster approvals and 70% fewer touches or better. We also offer Smart Review(SM), which solves for the storage and maintenance of disclosures, helping firms reduce risk, decrease review times, and increase the speed of distribution of marketing materials. Smart Registration(SM) automates the licensing and registration management process to help reduce regulatory risk and time spent on manual processes. Overall, Red Oak allows firms to minimize risk, reduce costs, and increase compliance review process effectiveness and efficiencies.