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Wall Street Backs SEC’s Broker Conflict Rules Redo, With Tweaks

Aug. 8, 2018, 7:22 PM

The SEC may need to tweak its planned rewrite of broker conflict-of-interest rules to maintain support from some of Wall Street’s biggest advocates.

The U.S. Chamber of Commerce, Securities Industry and Financial Markets Association, and Investment Company Institute have sent the Securities and Exchange Commission letters that were generally supportive of the plan, but included concerns about how to comply with the proposed broker obligations.

The letters were among thousands the commission received after it voted 4-1 on April 18 to propose an obligation for brokers to act in the “best interest” of their clients and offer ...