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SEC Set For June Vote On 'Best Interest' Standard For Brokers

Law360 (May 23, 2019, 9:30 PM EDT) -- The U.S. Securities and Exchange Commission is set for a final vote on June 5 to decide whether to adopt a new rule that would hold brokers to a higher standard of care if they are giving advice to retail investors, the agency said Thursday.

Following a 4-1 vote last April, the commission decided to seek public comment on a plan to require brokers to act in their clients’ best interests and not their own when recommending investments. Among other things, the proposed Regulation Best Interest seeks to require that brokers have a reasonable basis to believe their investment recommendations are...

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