Speaking at the Investment Management Consultants Association, former head of SEC’s Investment Management, Buddy Donohue says that it’s possible the industry sees a concept release later this year, but not the proposed rule.
As reported, Donohue indicated an actual rule proposal on a fiduciary standard for brokers is unlikely to occur this year, but we were likely to see a concept release. Donohue further said the concept proposal “would not provide ‘details on which way the commission is leaning’ regarding the fiduciary rule.
Also according to the release, House Financial Services Chairman, Spencer Bachus could reintroduce draft legislation calling for Self-Regulatory Organization examinations of advisors. Recognizing that FINRA might be designated as that SRO, Donohue said he’s unsure “on whether it should be an inspection-only or a rulemaking SRO.”
To view the full AdvisorOne press release, click [here.]
