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 a leading provider of intelligent compliance software, offering a range of AI-powered solutions designed to help firms of all sizes successfully navigate the increasingly complex regulatory landscape. Our suite of 17(a)-4/WORM compliant features offer risk minimization, cost reduction, and process optimization capabilities with features that are designed to evolve with our client’s needs. Our flagship advertising review software enables firms to deliver compliant content to the market with confidence, faster. Our Disclosure Management and Intelligence solution simplifies the management of disclosures, while our Registration Management solution automates and streamlines the licensing and registration process, further enhancing your internal processes.