The U.S. Department of Labor submitted a proposal to the Office of Management and Budget to delay the applicability of several important provisions of the Fiduciary Rule.
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At a hearing before the House Financial Services Subcommittee on Capital Markets, Securities, and Investment, several industry groups called for repeal of the DOL Fiduciary Rule and expressed support for a proposed "standards of conduct" bill.
SIFMA submitted recommendations to the SEC for enhancing the standards of conduct for broker-dealers and investment advisers concerning retail customers.
U.S. District Court for the Northern District of Texas Dallas Division Chief Judge Barbara M.G. Lynn denied a motion for summary judgment by the Chamber of Commerce, et. al. to challenge and vacate the heightened fiduciary standards mandated by the DOL fiduciary rule.