The head of the Securities and Exchange Commission played coy again on Tuesday when outlining a timeframe the industry can expect the regulator’s uniform fiduciary standard, saying that the staff was moving forward “expeditiously.”
“We are very full-out focused on it,” Chair Mary Jo White said during SIFMA’s annual meeting on Tuesday. She added that SEC staff provided technical assistance to the Department of Labor during the development of that agency’s fiduciary rulemaking.
White noted that a uniform fiduciary standard is something that SEC has been looking at for a long time, adding she personally reached consolation that the agency should move forward to impose a uniform fiduciary duty on financial advisors last year.
“It’s not a short, quick uncomplicated rulemaking,” she added.
Her comments were similar to ones White has made in the past on the SEC’s efforts around a fiduciary rulemaking, something individuals on Twitter were quick to point out.