Uyeda Backs RIA Fiduciary Process Over Product Bans as Smaller Firms Face Reg S-P Deadline
Updated
Updated · Wealth Management · Jun 5
Uyeda Backs RIA Fiduciary Process Over Product Bans as Smaller Firms Face Reg S-P Deadline
2 articles · Updated · Wealth Management · Jun 5
Summary
Mark Uyeda told advisors in Washington the SEC should judge registered investment advisers by fiduciary process and professional judgment, not by whether regulators approve or ban specific products.
Rule 206(4)-7 enforcement should focus on whether firms had reasonable, updated compliance policies and followed them, he said, rather than treating every underlying incident as proof the policies were deficient.
Uyeda framed fiduciary duty as care, loyalty and disclosure, boiling it down for compliance staff to "don't lie, cheat or steal" from clients while acknowledging many RIAs are small firms where staff wear multiple hats.
The remarks underscore the Atkins-era SEC's lighter-touch approach after Gary Gensler's more aggressive enforcement, and came as smaller RIAs this week hit the expanded Regulation S-P customer-data compliance deadline.