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The Securities and Exchange Commission’s proposed Regulation Best Interest, designed to rein in broker-dealers’ conflicts to retail investors, does not include specific language that would make it easier for investors to bring class-action lawsuits for breach of contract.
But the lengthy preamble to the actual regulation includes what one prominent securities attorney calls “a more prescriptive approach” to mitigating or eliminating conflicts that tracks closely with language in the Labor Department’s fiduciary rule.
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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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