The Securities and Exchange Commission is considering whether to ask for feedback on the definition of fiduciary duty, Bloomberg reported, citing two people "with knowledge of the matter."
Doing so could indicate that SEC regulators want to revisit an expanded fiduciary rule after previously pursuing it as a part of the Dodd-Frank Act. Currently, the Department of Labor's own Conflict of Interest Rule, which raises the standard for financial and retirement advisers in hopes of eliminating possible conflicts of interests, is set to go into effect June 9, despite industrywide concerns.
Labor Secretary Alexander Acosta wrote in a May 22 op-ed in The Wall Street Journal that the department would not pursue any further delays of the rule and that he hoped the SEC would be a "full participant" in possible revisions of the rule. Several companies have previously said the SEC would be the more appropriate regulator to impose a fiduciary rule.
SEC spokeswoman Judith Burns declined to comment, Bloomberg reported.