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SEC's Clayton: Fiduciary rule-making weighs investors' ability to recoup claims

By Neil Roland ( February 9, 2018, 21:30 GMT | Insight) -- Jay Clayton, head of the US Securities and Exchange Commission, said he is wrestling with how to adopt a fiduciary rule for broker-dealers and investment advisers that takes into account investors’ ability to recover lost or stolen funds. “One of the things we’re looking at is, what dollars do you actually collect when someone has done you harm?” he told a Senate panel. “You can have a really strong standard, but if there are no dollars there, that’s a problem.” Clayton’s comments came as Finra, a self-policing industry group overseen by the SEC, identified possible steps to help brokerage customers recover awards due in arbitration.Jay Clayton, head of the US Securities and Exchange Commission, said he is wrestling with how to adopt a fiduciary rule for broker-dealers and investment advisers that takes into account investors’ ability to collect lost or stolen funds....

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