News | 09.10.19
FINRA Will Defer to SEC on Interpreting Best Interest Rule
When a new investment advice standard for brokers is implemented next June, FINRA will be responsible for examining brokers for compliance, but the SEC will make the final call on determining how the regulation will work, according to FINRA CEO Robert W. Cook. "It's not our rule. It's an SEC rule," Cook said at the North American Securities Administrators Association annual conference Monday. Cook said FINRA is working with the SEC on exam modules and examiner training in preparation for the June 30 implementation date.
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