SEC Proposal Strikes At The Heart Of Broker-Dealer Model
By Steven LofchieMay 9, 2018, 12:12 PM EDT
Law360 (May 9, 2018, 12:12 PM EDT) -- The U.S. Securities and Exchange Commission, on April 18, approved the publication of three releases that propose new regulatory requirements intended to clarify and expand the duties that broker-dealers and investment advisers owe to their clients under the Securities Exchange Act of 1934 and the Investment Advisers Act of 1940, respectively.
Collectively, the adoption of the proposals in the releases is likely to have a significant impact on the manner in which financial services are provided to retail investors. In particular, the best-interest requirement applicable to...