Hopkins, Kitces: As SEC’s Reg BI Goes Live, Worries Remain
July 1, 2020 by Janet Levaux
As the Securities and Exchange Commission’s Regulation Best Interest goes into effect today, some industry leaders are speaking about their continued concerns — both with the SEC’s rules and with a proposal announced late Monday by the Labor Department.
The SEC finalized Reg BI a year ago to ensure that brokers adhere to the same fiduciary standard as RIAs when making recommendations to clients. But while the aim of these rules was to require brokers to act in the best interest of investors, not all believe that Reg BI fulfills that objective.
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