The U.S. Court of Appeals for the 5th Circuit’s Thursday ruling to strike down the Labor Department’s fiduciary rule has industry watchers divided on what it signals for the rule’s final implementation. Meanwhile, observers say, it will prompt the Securities and Exchange Commission to re-evaluate its fiduciary rulemaking.

Neil Simon, vice president of government affairs for the Investment Adviser Association, told ThinkAdvisor Friday morning during the group’s compliance conference in Washington that the 5th Circuit ruling “appears to be an extremely significant decision, and is likely to give pause to the SEC with regard to its own fiduciary rulemaking.”

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