Attorney General Underwood – Leading Coalition Of 17 AGs – Urges SEC To Toughen Protection Of Retail
A.G. Underwood's office press release -------- New York Attorney General Barbara D. Underwood—leading a coalition of 17 Attorneys General—filed comments urging the Securities & Exchange Commission (“SEC”) to strengthen its proposed Regulation Best Interest (the “Proposed Rule”) in order to ensure that broker-dealers put their customers’ best interest first. In their comments, the Attorneys General highlighted the weaknesses in the Proposed Rule and the need for more robust investor protection. The SEC’s Proposed Rule purports to impose a “best interest” standard on broker-dealers while requiring additional disclosures; however, the Proposed Rule fails to require broker-dealers to act as fiduciaries for their clients, as is required of investment advisers—meaning retail investors are not assured unbiased advice from all their financial professionals. To learn more click on the picture below to read the release.