10.13.21
SEC Investor Advocate: Gamification Exposes 'Significant Flaw' in Reg BI
by: Patrick Donachie
The SEC's Regulation Best Interest rule may have a “significant flaw” that weakens investor protections when brokers use gamification to boost trading levels, according to the SEC’s Investor Advocate. During a speech at the Practising Law Institute’s “SEC Speaks” virtual conference, Investor Advocate Rick Fleming also argued that the SEC should “go back to the drawing board” on the rule if its current design fails to protect investors when brokers use digital engagement practices, particularly considering the increased emphasis on "gamification" in retail investing.
Read the full article on WealthManagement.com