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PSCA Executive Reports

October 29, 2019

Regulation Best Interest

In September, New York, California, Connecticut, Delaware, Maine, New Mexico, Oregon, and the District of Columbia sued the SEC asking a federal court to strike down Regulation Best Interest. The rule, promulgated in June, requires broker-dealers to meet certain standards of conduct when advising clients. This new suit is not unlike the one involving the Department of Labor’s 2016 Fiduciary Rule. The litigation signals that the policy fight over the proper standard of care for brokers and other agents of financial institutions is not over.

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