Jay Clayton

New rules recognize the fact that commission-based transaction services can be the most cost effective way for Main Street investors to receive financial advice.

New rules would set standards of conduct for brokers, require new disclosures and offer interpretive guidance for fiduciary advisors.

The commission's approach stands a good chance of superseding the Labor Department's fiduciary rule.

Should advisors and brokers have plain-English job descriptions and be required to work in their clients’ best interest? Commissioners will vote on whether to move ahead with key proposals.

The trade group cautions that the SEC could outsource advisor oversight due to low examination rates.

Merrill Lynch, UBS and others made considerable alterations to policies and procedures in order to be compliant with the Labor Department regulation.

With the SEC and Labor Department rethinking their approach to a higher standard, a court's recent ruling may not have a lasting impact.

Commission officials put the industry on notice about self-reporting: financial advisors must comply or face harsh punishments.

"I think it's something that the market needs. I think it's something that regulators need," Jay Clayton says.

The industry group is seeking restrictions on how brokers can describe their services and responsibilities.