SIFMA

Fiduciary advocates lament the absence of the term from the SEC's rule, which they say fails to move beyond FINRA’s existing suitability standard, while the brokerage sector sees the proposal as a welcome jump in oversight.

With the rescue attempt's failure, all eyes now turn to the SEC which is considering its own proposal for raising financial advisor standards of conduct.

Leading trade groups counter a request from AARP and three states for fiduciary rehearing, in hopes that the circuit court's rejection will be the last word on the regulation.

Collaboration is key to the effort since there “is no competitive advantage to be the only firm engaged in data protection."

Merrill Lynch, UBS and others made considerable alterations to policies and procedures in order to be compliant with the Labor Department regulation.

Focus turns to the SEC as it considers creating its own higher standard of client care.

With the SEC and Labor Department rethinking their approach to a higher standard, a court's recent ruling may not have a lasting impact.

The industry has resisted the SEC’s Consolidated Audit Trail surveillance system ― dubbed CAT ― in its current form based on cybersecurity concerns.

The regulation's enforcement provisions will not take effect until July 1, 2019, the Labor Department said.

Exchanges are required to begin feeding trading data into the Consolidated Audit Trail on Wednesday.