FINRA has developed resources to help firms comply with the SEC's new conduct rules
The new broker conduct rule waters down the protections in the Dodd-Frank Act, the states say
The reforms also feature new relationship disclosure requirements for both registered investment advisors and broker-dealers
The group also called for fintech regulation
How will firms be able to address conflicts of interest in four common scenarios?
David Gary Durno implemented an active trading strategy for two senior clients that “generated large commissions for himself and his firm but reduced client profits”
The new requirement would introduce “specific obligations” that would expand financial planners’ obligation to prioritize their clients’ interests
The group argues that the proposed rule, as it stands, is too weak in certain respects and too ambiguous in others
Investor Advisory Panel calls on regulators to adopt a “best interest” standard as soon as possible
Conduct standards in the U.S. brokerage industry remain in flux