Not to be outdone by the DOL, the SEC made some comments on its forthcoming Best Interest Rule yesterday. SEC chief Clayton has been tightlipped about the rule and its updates, but yesterday said that it would be out soon, likely much sooner than expected. The expectation has been that the SEC would debut the rule in the fall, but speaking on timelines Clayton said “Wait and see … You won't have to wait long”. Reporters taking note of the comment say he suggested the final rule was imminent.
FINSUM: We bet some unveiling of the final rule happens before Memorial Day. This means the DOL’s updated rule is likely coming very soon as well, as they are working in concert.