Reuters have seen a draft memo
Will tell US Labuor dept to conduct updated economic and legal analysis of fiduciary rule for brokers offering retirement advice
Will call for the rescinding of the fiduciary rule if it is found to be inconsistent with his administrations policies
From what I can gather, rescinding this rule will mean that professionals offering retirement advice won't have to offer products solely in the best interests of their clients. Make of that what you will. And anyway, this law isn't even in play yet and was set to come in in April.
What's more important for trading is that this is piecemeal stuff for the market who might have been expecting something more meaty to do with Dodd Frank. It's been confirmed that Trump will sign an executive order on this at 1pm ET so there may be more in that but if not, this is not the huge boost for banks that many might have been expecting.
