The Securities and Exchange Commission is likely to let the Department of Labor revise its proposal for a fiduciary rule before the agency acts on its own draft, industry officials said. "The SEC doesn’t want to go first" in releasing a fiduciary rule, said Mary Wallace, senior legislative representative for AARP. The DOL is "more prepared" than the SEC to act on the issue of fiduciary duties for people giving advice to retail investors, she said.

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