Pension fund managers and other "sophisticated investors" may need the protection of a fiduciary standard as much as the little guys, Luis Aguilar says.
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| Luis Aguilar |
Pension fund managers and other "sophisticated investors" may need the protection of a fiduciary standard as much as the little guys, Luis Aguilar says.
Aguilar, a commissioner at the U.S. Securities and Exchange Commission, talked about the standard of care sellers of financial products ought to follow earlier this week at a lecture at Loyola Marymount University in Los Angeles.
Aguilar talked about implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, an act that was signed into law July 21.
"Now that the Dodd-Frank Act is law, the focus will move from Congress to the regulators, including the SEC, to fill in the details and to write the rules that will make financial reform a reality," Aguilar said, according to a written version of the Dodd-Frank Act speech posted by the SEC.
"This point has not been lost on all the financial industry participants impacted by the legislation," Aguilar said. "Already my office, as well as many others throughout the commission, is fielding meeting requests from lobbying groups, industry groups and trade associations on a wide variety of issues raised in the legislation."
The SEC should resist pressure from those interest groups and others to establish a
"two-tier market," Aguilar said.
