2nd Circ. Rejects Challenge To SEC's Regulation Best Interest

Law360 (June 29, 2020, 10:43 PM EDT) -- With only a few days left before its compliance date, the U.S. Securities and Exchange Commission's Regulation Best Interest was upheld by a Second Circuit panel unswayed by arguments that the new rule governing standards of conduct for broker-dealers doesn't do enough to protect investors.

The three-judge panel on Friday said that the Dodd-Frank Act authorized the SEC to promulgate Regulation BI, a rule approved one year ago that requires brokers to identify and "at a minimum disclose" all conflicts of interest, as well as mitigate conflicts that encourage those connected to the broker to put their interests or the firm's...

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