Regulatory reform

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.

Instead of harmonizing standards of client care across the industry, it may be better to re-differentiate them in light of the fiduciary rule's recent court loss.

After a federal appeals court strikes down the fiduciary rule, a legal path forward seems uncertain, but the regulation has already made its mark.

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

Even after a federal appeals court struck down the rule, more clashes over the regulation of sales versus advice are inevitable.

Industry insiders see the agency proceeding with its rule to harmonize standards for brokers and advisors.

The Department of Labor has an incentive to defend its rule-making authority even though it is considering revisions to the regulation.

A federal court has struck down the rule and the industry’s top online advice executives are speaking out.

Focus turns to the SEC as it considers creating its own higher standard of client care.