Patchwork Of Broker Conduct Regs Complicates Compliance

Law360 (July 12, 2019, 3:19 PM EDT) -- Last month, the U.S. Securities and Exchange Commission adopted Regulation Best Interest, which establishes a new standard of conduct that broker-dealers must observe when they provide investment advice to retail investors.[1] Regulation Best Interest requires broker-dealers to act in their customers' best interests when recommending investment strategies or securities transactions to their retail customers.

The ethos of the new regulation rests on the principle that a broker-dealer may not put her own financial interests ahead of a retail customer's when making a recommendation. Under the rule, broker-dealers are required to provide retail investors with certain information about the nature of their...

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