A potential Department of Labor rule regarding financial professionals' fiduciary duty could render moot a cost-benefit analysis that the Securities and Exchange Commission is conducting prior to issuing its own fiduciary rule, the law firm Davis & Harman says in a comment letter. "Virtually all responses to the [SEC's cost-benefit] request will be rendered obsolete and incorrect by the DOL fiduciary project," wrote Kent Mason, a partner at the firm. "The SEC and the DOL should not function separately in regulating the exact same behavior. The SEC and DOL need to act on this fiduciary project together."
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