House Amendment Prohibits SEC from Acting on Standards of Conduct

Every day is different. Less than a month ago, the SEC adopted the components of its Standards of Conduct Package - Regulation Best Interest, Form CRS, an interpretation of an advisers fiduciary duty, and an interpretation of what constitutes "solely incidental" advice provided by broker-dealers. On June 26, the U.S. House of Representatives passed an amendment to an appropriations bill that would prevent the SEC from using its funds to "implement, administer, enforce or publicize" those same rules and interpretations.
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