FINRA Proposes New Broker-Dealer Conflict Disclosures

Law360, New York (October 27, 2010, 5:46 PM EDT) -- The Financial Industry Regulatory Authority is seeking public comment on a proposal to require broker-dealers to disclose their likely conflicts, limitations and duties owed to customers to potential retail investors.

The proposal unveiled Wednesday by FINRA would ask firms to provide to their retail customers a statement of services, conflicts and duties, in addition to the more detailed sales practice disclosures currently required in any dealings between registered representatives and customers.

FINRA said it had long been considering rules that would require broker-dealers to give retail...
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