Questions Loom Over Broker Standards Ahead Of SEC Vote

Law360 (June 4, 2019, 8:19 PM EDT) -- The U.S. Securities and Exchange Commission's proposal to require brokers to act in their clients' best interests has raised a number of questions, including whether it will trump state regulations, that might finally be answered Wednesday.

Since the SEC first issued its 400-page proposed Regulation Best Interest last year, interested parties have complained about a lack of detail on the standard for brokers, how brokers should handle conflicts of interest and whether the federal rules will override state policies.

Wall Street attorneys expect the agency's vote on the final rules Wednesday to bring some clarity to these and other issues, while inevitably raising...

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