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The Securities and Exchange Commission’s proposed Regulation Best Interest, intended to elevate FINRA’s suitability standard for broker-dealer recommendations to retail investors, is in need of clarification, according to attorneys from Drinker Biddle & Reath.
“Reg BI” would require broker-dealers to “act in the best interest of the retail customer without placing the financial or other interest of the broker-dealer ahead of the retail customer,” according to language in the proposal.
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Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
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