State-level fines and penalties hit 5-year high

The SEC has begun to work with the Department of Labor on a fiduciary rule proposal to harmonize the standards of conduct for advisors and broker-dealers, Jay Clayton, the agency’s chairman, told members of the House Financial Services Committee. Clayton’s comments suggest that after months of collecting and reviewing comments on what a uniform fiduciary standard should look like, the commission is now moving forward on shaping a rule, marking the next stage in what figures to be a contentious process.

Source: State-level fines and penalties hit 5-year high | On Wall Street