SEC commissioner calls for major changes to Reg BI
April 24, 2019 by Kenneth Corbin
The SEC shows every sign of moving ahead with its proposal for new rules governing brokers and advisors, but Regulation Best Interest will need substantial revisions before it wins the support of the one Democrat currently on the commission.
Commissioner Robert Jackson appealed for significant reforms to Reg BI at the annual SEC Speaks conference earlier this month, saying he is “very hopeful” that the commission can finalize the rule on a unanimous, bipartisan basis.
“I voted for the proposal because I thought it was the right step forward for the agency to take,” Jackson says. “I said then and I believe today that there are significant changes we should make to the proposal before it goes final.”
In separate remarks at the conference, held in Washington, Chairman Jay Clayton says that finalizing the rule is a “top priority” for him. Clayton previously indicated that he would like to put the measure to a vote later this year.