State Attorneys General Sue the SEC to Nullify Regulation Best Interest

On September 9, 2019, seven states and the District of Columbia sued the United States Securities and Exchange Commission to invalidate Regulation Best Interest: The Broker-Dealer Standard of Conduct (“Regulation BI”). The Attorneys General of California, New York, Connecticut, Delaware, the District of Columbia, Maine, New Mexico, and Oregon alleged in their complaint that Regulation BI: undermines critical consumer protections … Read More

FINRA Reminds Broker-Dealers and Investment Advisers to Comply with the SEC’s “Best Interest” Requirements

FINRA Reminds Broker-Dealers and Investment Advisers to Comply with the SEC’s “Best Interest” Requirements On June 5, 2019, the United States Securities and Exchange Commission issued Release No. 34-86031, titled Regulation Best Interest: The Broker-Dealer Standard of Conduct (“Regulation BI”), which provides for a best interest standard applicable to broker-dealers. The same day, the SEC issued Release No. IA-5248, titled … Read More