The U.S. Securities and Exchange Commission (SEC) on Wednesday published a staff bulletin that seeks to clarify how broker dealers and investment advisors must address conflicts of interest when providing advice and recommendations to investors.
The guidance aims to spell out expectations amid industry "misconceptions," an SEC official told reporters, adding that while all financial firms and professionals have some conflict, the "nature and expense" of those conflicts can vary.
"They need to be designed to prevent those conflicts of interests that are present at that particular firm from causing the firm and its financial professionals to place their own interests ahead of the retail investors' interests and thereby to violate their best interests obligation." Wednesday's bulletin is designed to help firms with this process, recognizing that there is no one-size-fits-all approach.
The Republican-led SEC finalized the Regulation Best Interest rule in 2019 in what was widely seen as a win for Wall Street after its 10-year battle over regulation of the investment advice industry. It fought off a more onerous proposal by the Department of Labor.
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