Near the end of the term, the Trump Department of Labor recently announced its rule for investment advice accompanied by a WSJ op-ed from Jay Clayton and Eugene Scalia.  While there is much to digest, the rule largely aligns Labor with SEC Regulation Best Interest.  Much like the SEC's approach under Chair Clayton, the DOL proposal takes the "eliminate or disclose" approach to conflicts as well. 

Ultimately, the new regulation isn't likely to significantly improve outcomes for retail investors.  It leaves financial advisers free to continue operating with significant conflicts even when providing advice about retirement assets.  

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Photo of Benjamin P. Edwards Benjamin P. Edwards

Benjamin Edwards joined the faculty of the William S. Boyd School of Law in 2017. He researches and writes about business and securities law, corporate governance, arbitration, and consumer protection.

Prior to teaching, Professor Edwards practiced as a securities litigator in the New…

Benjamin Edwards joined the faculty of the William S. Boyd School of Law in 2017. He researches and writes about business and securities law, corporate governance, arbitration, and consumer protection.

Prior to teaching, Professor Edwards practiced as a securities litigator in the New York office of Skadden, Arps, Slate, Meagher & Flom LLP. At Skadden, he represented clients in complex civil litigation, including securities class actions arising out of the Madoff Ponzi scheme and litigation arising out of the 2008 financial crisis. Read More

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