News | 06.28.19
SEC's Peirce Sees More Work on Best Interest Rule, Warning of State Moves
The SEC is "very likely" to publish more information about how financial firms should comply with the agency’s new best interest regulation for investment advice, according to Commissioner Hester Peirce. Speaking at the Federal Reserve Bank of Chicago, Peirce said determining how the package of rules that she and her colleagues voted to adopt this month applies in different circumstances "is very difficult," and "it is very likely that there will be guidance documents like FAQs." Pierce added that she would like the agency to publish a chart with a side-by-side comparison of how the rules affect investment advisors and brokers. Peirce also expressed concern about the regulatory landscape if states pursue their own versions of investment advice rules.
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