The deadline for comments on the Securities and Exchange Commission’s sweeping advice standards package for brokers and advisors ended Tuesday, and at midday, comments were still streaming into the agency.
Lawmakers as well as SEC commissioners themselves have weighed in on the more than 1,000-page standard of conduct rule package approved by the securities regulator on April 18.
Consumer groups had urged the agency to extend the comment deadline for the sweeping Regulation Best Interest and the Customer Relationship Summary, or Form CRS, to allow enough time to test the new disclosures on investors and report the results, but to no avail.
SEC Chairman Jay Clayton told senators in early June that while the agency would take “at least the 90 days” for comments on the three-pronged advice standards package, until Aug. 7, he was “not going to take forever. This [fiduciary] issue has been out there a long time, and I think it’s time to bring a focal point for the many regulators in this space.”
Industry officials, advisors as well as consumer groups have offered comments ranging from support to ways the proposal must change, to how portions of the proposed rule need major surgery.
Check out the gallery above to see some how some of the industry’s heavy hitters are weighing in on the SEC’s three-pronged plan. The full comments are linked to the commenters’ names when the full text is available.