Securities and Exchange Commission Commissioner Luis Aguilar said Friday chances for the agency to impose a fiduciary duty on broker-dealers are small.

“There’s not much interest,” said Aguilar, who has been a vocal supporter of requiring brokers to act in the best interest of retail clients when they are taking on the role of advisors.

Aguilar was speaking at the Hispanic Heritage Foundation Latino pension fund trustee forum in Washington, D.C.

The commissioner said the SEC has been making progress developing new money market mutual fund rules and he expects a public proposal soon.

A year ago this month, the SEC presented two options for comment that it said could have been used in tandem or separately. One proposal is to allow the net asset value of money market shares to float, rather than be fixed at $1, in funds primarily used by institutional investors. The other proposal would allow funds to impose fees and other limits to prevent runs by retail and institutional investors.

SEC Chair Mary Jo White said the aim of the rules would be to prevent runs like the one on the Reserve Primary Fund, which lowered the price of its shares below $1 in September 2008 because of its exposure to Lehman Brothers debt. The fund’s move to “break the buck” helped fuel the financial crisis.

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