Love It Or Hate It, Reg BI Is Here
June 17, 2019 by Cassie Miller
Just one year since the Department of Labor fiduciary rule was vacated, the financial services industry is again reeling or rejoicing after the Securities and Exchange Commission’s approval of Regulation Best Interest and its subsequent rulings.
Here’s just some of what the industry has had to say:
Insured Retirement Institute
IRI made several observations about the Commission’s newly minted regulation. The institute expects that the rule will create new requirements for broker-dealers beyond current suitability standards, forcing B-Ds to act in their client’s best interest. IRI believes that Reg BI is a substantial advancement in investor protection especially when it comes to disclosing, mitigating and eliminating conflicts of interest.
IRI says it will work with the National Association of Insurance Commissioners, FINRA and the SEC to reduce the burden of implementing these new regulatory actions on companies.
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