SEC Told Proposed Broker Standards Fall Short

Law360 (August 8, 2018, 8:56 PM EDT) -- Financial professionals, investor groups and 17 attorneys general asked the U.S. Securities and Exchange Commission to clarify and strengthen its proposal to require brokers to prioritize their clients over themselves, according to public comments submitted before an Aug. 7 deadline.

In April, the SEC voted 4-1 to issue three sets of proposals meant to hold broker-dealers and investment advisers to a higher standard of transparency and care when interacting with their investor clients. The proposed Regulation Best Interest has garnered the most attention and would require brokers to place the interests of their clients above their own when recommending securities transactions to retail...

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