May 14, 2021
A new fiduciary rule has been in the back of all advisors’ minds for several months now. In February, the Biden administration surprisingly let the updated Trump era fiduciary go into effect. However, everyone knows the administration is going to come out with an entirely new rule, it is a just a matter of time, but when? The answer is that it is further down the priority list than many think, and the fact that the current DOL let the Trump rule go into effect speaks to that (so they could at last say a “fiduciary rule” was in effect). According to leading industry lawyer Preston Rutledge, “I would certainly think it’s a top three priority, but I think it’s number three behind ESG and proxy”.
(Washington)
FINSUM + Magnifi: ESG, proxy, and (in our opinion) crypto have put some much pressure on regulators that the fiduciary rule seems to be getting punted. It appears as though mid-2022 might be a realistic time frame for a new rule.
Other news today: Top Fintech ETFs To Watch Out For and Big Trouble for Tesla in China
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