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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
Jay Clayton: Too Many Regulatory Standards
by Howard Haykin
Speaking at last week's SIFMA Compliance & Legal Annual Conference, SEC Chair Jay Clayton addressed one of the 'Elephants in the Room' - the fact that the industry operates under too many different regulatory standards.
Take, for example, a typical 401k retirement account that holds annuity products and stocks. The client's relationship with her financial professional is overseen by at least 5 regulators – namely, FINRA; SEC; DOL; a state regulator; and a state insurance regulator. You can possibly add bank regulators and state attorneys general to that list.
With so many standards, financial institutions have a hard time demonstrating compliance, while investors have difficulty deciphering which rules and regulations apply to the financial institutions that service their accounts.
Going forward, Clayton wants to SEC to take the lead in setting appropriate standards for the financial services industry - and he expects the Commission to begin the process of change very soon.
Among the issues that need to be addressed:
- How should financial institutions demonstrate compliance?
- How can regulators clearly articulate the standard for broker-dealers?
- How can regulators bring clarity to investment advisor standards?
- How can regulators boil down the various regulatory standards into a more unified standard?
- How can regulators clearly articulate for investors what that standard means - and do so in a relatively short, plain-English document?
'Stay tuned,' Mr. Clayton told attendees at the C&L Conference.