RJ and Makay

Don't expect a fiduciary standard for broker-dealers (B-Ds) before late July of this year, more than a year after passage of the Dodd-Frank financial reform law requiring such a standard.

What's the hold-up? Various federal agencies are haggling over the details of the new fiduciary standard, which will apply to investment advisors, as well, says Jennifer B. McHugh, senior advisor to Securities and Exchange Commission (SEC) chairman Mary L. Schapiro.

Eileen Rominger of Goldman Sachs Asset Management has been named director of investment management at the Securities and Exchange Commission (SEC). Rominger, 56, is scheduled to take the position in February.

“Eileen brings the agency a lifetime of experience in the asset management industry and a record of strong leadership,” says SEC Chairman Mary L. Schapiro. “She understands the importance of the nation’s investment management industry to the well-being of investors everywhere.”