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PSCA Executive Reports

January 31, 2018

Fiduciary Rule

The Wall Street Journal reports that the Securities and Exchange Commission (“SEC”) is working on its own fiduciary rule to be proposed this spring. While the Department of Labor’s (“DOL”) fiduciary rule only applied to accounts subject to ERISA and the prohibited transaction rules under the Internal Revenue Code (e.g., retirement and certain health plans), the SEC’s rule would apply to all brokerage accounts. Additionally, the SEC is considering restricting the use of the term “financial adviser” to those who have adopted a fiduciary standard for their clients.


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