SEC’s Best Interest Standard 2 Years Away, DrinkerBiddle Says
May 30, 2018 by Cyril Tuohy
A Securities and Exchange Commission proposal to raise investment-advice standard for brokers is still about two years away, an expert said Wednesday.
Under the SEC’s proposed Regulation Best Interest, a broker-dealer would be required to act in the best interest of a retail customer when making a recommendation of any securities transaction or investment strategy.
“It seems like we’re looking at January through July 1, 2020,” said Fred Reish, a partner at Drinker Biddle.
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