September 15, 2020

Jim Lundy Shares Outlook on Presidential Election Outcome Implications for Investment Advice Rules

Investment News turned to partner Jim Lundy for his thoughts on the current Securities and Exchange Commission (SEC)’s administration, as well as his outlook on how a Democratic Party victory in the U.S. Presidential election could impact investment advice rules.

The publication reports that Regulation Best Interest (Reg BI) was a “signature accomplishment” for current SEC chairman Jay Clayton, but he is not likely to see how it plays out even if President Trump wins a second term. Clayton has indicated he wants to leave his post.

“Jay Clayton has been a supporter of enforcement,” said Lundy. “The consensus across the industry has been that he has been a good chairman,” he added.

Even so, according to Lundy, a Democratic takeover of the agency could be a shot in the arm for enforcement.

“Historically, the Enforcement Division has felt a little more empowered under Democratic-appointed chairmen,” Lundy added.

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