Broker Fiduciary Rule Delayed by Cost-Benefit Analysis, SEC Says
This article is for subscribers only.
The U.S. Securities and Exchange Commission’s effort to impose a fiduciary duty on brokerage firms has been delayed for additional cost-benefit analysis, according to a letter from Chairman Mary Schapiro.
SEC economists are still working on the initial proposal for the rule, trying to quantify its impact, Schapiro wrote in a Jan. 10 letter to Representative Scott Garrett, a New Jersey Republican. A federal court setback in July has caused the SEC to rethink the cost-benefit assessments in its rulemaking.