The plan would probably force banks to spend money to comply with the new disclosure and conduct requirements. But that’s a small price to pay for another nail in the coffin of Labor’s dreaded fiduciary rule.
The SEC will take public comment on its proposal for 90 days, and Wall Street banks will undoubtedly find aspects of it to complain about. However, executives can probably sleep soundly knowing they won’t have to overhaul their business models.
This article was provided by Bloomberg News.