U.S. Securities and Exchange Commission Chairman Jay Clayton says the agency is drafting its own fiduciary rule.
Reuters reports Clayton said before the U.S. Chamber of Commerce he wants to find “common ground” with the DOL rule. The SEC is trying to catch up with the Department of Labor, which implemented a part of its fiduciary rule in June. According to Reuters, Clayton said ‘he would like to address the proliferation of shareholder proposal and the power proxy advisory firms wield over corporate governance.’
There’s no word on when the proposal will be released. The SEC is currently receiving public comments about a fiduciary rule.