Luparello answered questions on Thursday from Representative Ann Wagner, a Republican from Missouri, about whether investors are being harmed by existing regulations and if the benefits of new standards would justify the industry's costs.
Wagner sponsored legislation last year that would have made it harder for both regulators to enact new standards for financial advisor conduct.
"Clearly anyone needs to identify the benefit to stand up to the cost," Luparello said. The SEC requested data from Wall Street early last year for analyzing the costs and benefits. However, "the level of information that flowed in was less than what staff thought it would be," Luparello said.
The agency may consider another request, Luparello said.