News | 05.09.19
SEC Commissioner Hester Peirce Says Reg BI Is Stronger Than Fiduciary Duty
SEC Commissioner Hester Peirce said that the agency's Regulation Best Interest (Reg BI) will result in a standard for brokers that is stronger than the fiduciary duty investment advisors must meet. "We have this new standard, which is something more than suitability," Peirce said at an Institute for Portfolio Alternatives conference. "When you lay it side-to-side against the fiduciary standard, I think one could argue that it's a stronger standard because it does require mitigation or elimination of conflicts in a way the fiduciary standard does not." Also weighing in on the rule was FINRA CEO Robert Cook, reports ThinkAdvisor.
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