Completing work on a new fiduciary rule for brokers is not the "top priority" of the Securities and Exchange Commission but money market fund reform would be on top of the agenda, Commissioner Daniel Gallagher said.
Gallagher, a Republican, said the SEC had more pressing issues than completing a fiduciary duty standard for broker dealers and advisers, which would require brokers to give advice to clients to act in the best interests of their clients.
"We have a new chairman here. She is trying to figure out which priorities we should focus on...There is a request for information to figure out what we should be doing. As things go it is not a top priority," said Gallagher who was speaking at an event at the U.S. Chamber of Commerce in Washington on Wednesday.
Earlier in the day by a top lobbyist at the Securities Industry and Financial Markets Association said the trade group expected movement from the SEC on a fiduciary standard by the end of March.
Kenneth Bentsen, Jr. SIMFA's
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