'We're raising the standard of conduct for broker-dealers,' SEC Chair Jay Clayton said about the so-called Regulation Best Interest, which calls for brokers to disclose conflicts of interest when they make an investment recommendation.
Key Points
In a 3-to-1 vote, commissioners approved the Regulation Best Interest, along with other regulatory actions intended to enhance disclosures and clarify certain advisors' existing responsibility to put their clients' interests before their own. "While we have yet to fully review the final rule, what we heard during the [SEC's meeting] gives us hope that it will protect investors while also preserving investor choice and access to professional advice," said Dale Brown, president and CEO of the Financial Services Institute, an industry advocacy group.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SEC Sues Social Network Kik For $100 Million ICOThe SEC is suing social network Kik for rasiing $100 million via what the regulator describes as an unregistered securities offering by DelRayMan
Read more »
A breakdown of whether investors are safer after the SEC passes financial protection ruleThe SEC has voted to approve a financial investment reform package.
Read more »
SEC chairman: New regulations will force brokers to be 'very candid' with investorsThe SEC's Jay Clayton says the new conflict-of-interest rule won't stifle innovation in the brokerage space by adding unexpected regulatory expenses.
Read more »
Fiat Chrysler sales chief files whistleblower suit over SEC probeFiat Chrysler Automobiles' U.S. sales chief Reid Bigland sued the Italian-A...
Read more »
New SEC Rule Heightens Broker Responsibilities to InvestorsStockbrokers will be required to act in the best interest of investors and disclose more about conflicts of interest that can skew advice under a regulation approved Wednesday.
Read more »
Here are all the investigations and lawsuits that Boeing and the FAA are facing after the 737 Max crashes killed almost 350 peopleThe Department of Justice, Department of Transportation, and the SEC are reportedly looking at Boeing and the FAA, as families and shareholders sue.
Read more »