FINRA's Ketchum calls for SEC action on fiduciary rule

05/21/2013 | AdvisorOne · InvestmentNews (free registration) · Bloomberg · Reuters

The Securities and Exchange Commission should act quickly to adopt a uniform fiduciary rule for financial advisers and brokers, said Richard Ketchum, CEO of the Financial Industry Regulatory Authority. If the SEC doesn't act soon, FINRA may adopt a disclosure rule of its own applying to broker-dealers without waiting for the SEC, Ketchum said at FINRA's annual meeting. Ketchum also said the agency is considering rules governing dark trading and requiring brokers to disclose to some clients compensation the brokers receive when they move to another firm. He also said brokerage firms need to improve the way they discuss complex products with clients. Learn more at SIFMA's Fiduciary Standard Resource Center.

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AdvisorOne · InvestmentNews (free registration) · Bloomberg · Reuters

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