Off-Key Regulation: Examining the SEC's and the DOL's Dissonant Regulation of Broker-Dealers
In 2016, the DOL forecasted that retirement investors were at risk of losing upwards of $189 billion over the next ten years due to receiving conflicted investment advice from broker-dealers. Later that year, the DOL issued a final rule, known as the fiduciary rule, that aimed to prevent conflicted investment advice and consequent losses. But after nearly two years of an uncertain fate, the rule was vacated by the Fifth Circuit in March 2018. While the SEC is currently finalizing a rule that could fill the void created by the DOL¿s fiduciary rule being vacated, the details of that rule remain unknown. This Comment explores how the SEC should fill the void; namely, it argues that the SEC should impose a fiduciary standard on broker-dealers who provide personalized investment advice to investors.
Richard J. Kubiak,
Off-Key Regulation: Examining the SEC's and the DOL's Dissonant Regulation of Broker-Dealers,
Emory L. J.
Available at: https://scholarlycommons.law.emory.edu/elj/vol68/iss2/4