FINRA's Ketchum calls for SEC action on fiduciary rule

05/21/2013 | AdvisorOne · InvestmentNews (free registration) · Bloomberg · Reuters

The Securities and Exchange Commission should act quickly to adopt a uniform fiduciary rule for financial advisers and brokers, said Richard Ketchum, CEO of the Financial Industry Regulatory Authority. If the SEC doesn't act soon, FINRA may adopt a disclosure rule of its own for broker-dealers without waiting for the SEC, Ketchum said at FINRA's annual meeting. Ketchum also said the agency is considering rules governing dark trading and requiring brokers to disclose to some clients compensation they receive when they move to another firm. He said brokerage firms need to improve the way they discuss complex products with clients.

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AdvisorOne · InvestmentNews (free registration) · Bloomberg · Reuters

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