Securities and Exchange Commission Chairman Jay Clayton served notice recently that the SEC will again become active in the long-standing debate over the legal duties owed by broker-dealers to their retail customers. In a public statement issued on June 1, Chairman Clayton reasserted the SEC’s claim to broad jurisdiction over the issue and invited public comment. The question remains whether the SEC has the will and the wherewithal to get anything done.
Jeffrey Holik, Of Counsel in Shulman Rogers’ Business and Financial Services Department and chair of the firm’s Financial Regulatory and Compliance practice, discusses how the SEC could respond.
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