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ANALYSIS: Controversial SEC Rule Emerges from Heated Meeting

June 12, 2019, 5:42 PM

A packed auditorium and a crowd of activists in colorful matching shirts indicated that the Regulation BI open meeting was not going to be your ordinary SEC confab. After a blistering dissent and some contentious exchanges between the commissioners, the SEC adopted Regulation Best Interest and other related proposals dealing with the conduct required of broker-dealers and investment advisers by a 3-1 vote.

SEC Chairman Jay Clayton stated that the Commission’s actions were “designed to enhance the quality and transparency of retail investors’ relationships with investment advisers and broker-dealers, bringing the legal requirements and mandated disclosures of financial professionals in ...

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