12.09.19
Reg BI Will Be Shaped by Enforcement Decisions, Democratic SEC Commissioners Say
by: Mark, Jr. Schoeff
Democratic SEC commissioners Allison Herren Lee and Robert Jackson Jr. said Friday that the effectiveness of Regulation Best Interest (Reg BI) will depend on how it is enforced. Reg BI does not clearly define what is meant by acting in a client's best interest, nor does it outline how brokers should mitigate conflicts. "These early interpretations and these early potential enforcement attempts are going to shape it," Lee said at the Consumer Federation of America's Financial Services Conference. "There are opportunities to make it strong, and we have to seize them early." Jackson Jr. added, "These little decisions make all the difference. There's still a lot of work that can be done."
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