Securities Law

States Ask SEC for ‘Significant Improvements’ to Broker Proposal

Aug. 27, 2018, 6:37 PM

The SEC hasn’t won over state securities regulators with its planned rewrite of broker conflict-of-interest rules.

The Securities and Exchange Commission should revise its Regulation Best Interest plan, which the agency issued as part of a package of proposals related to standards of conduct for investment professionals, the North American Securities Administrators Association said in a letter released Aug. 27. The letter is signed by Alabama Securities Commission Director Joseph Borg, who is the president of the organization that counts members from all 50 states and the District of Columbia.

NASAA was particularly concerned the SEC didn’t...

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