SEC Approves New Broker Standards Despite Objections

Law360 (June 5, 2019, 6:54 PM EDT) -- The U.S. Securities and Exchange Commission on Wednesday approved regulations meant to heighten and clarify standards of conduct for brokers and investment advisers, despite criticism from its lone Democratic commissioner and investor groups that the rules are too weak.

Regulation Best Interest, approved 3-1, will bar brokers from putting their own financial interests above those of their clients, requiring them to act in their clients’ best interests. SEC Chairman Jay Clayton said the new rule will “substantially enhance” broker requirements from the existing standard set by the Financial Industry Regulatory Authority, which requires that brokers' recommendations are suitable for their clients....

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