05.14.19
SEC Chairman: Preserving Choice Is Crucial for Reg BI
by: Brian Croce
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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