News | 05.14.19
SEC Chairman: Preserving Choice Is Crucial for Reg BI
Preserving choice for retail investors while protecting their interests are two of the main objectives of Regulation Best Interest, SEC Chair Jay Clayton said in recent testimony at a Senate Financial Services and General Government Subcommittee hearing, Clayton told lawmakers there is no single investment relationship model that's best suited for all investors. Some benefit from a typical broker-dealer commission model while others make out better from an asset-based fee, like from an investment advisor, he said. "Preserve that choice, preserve the competition, raise the level of conduct required on the brokerage side," Clayton said in response to a question.
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