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Senators fret FINRA interpretation of SEC’s ‘Best Interest’ proposal

Joe Mont | July 25, 2018

Democratic senators Elizabeth Warren (D-Mass.), Cory Booker (D-N.J.) and Sherrod Brown (D-Ohio) have sent a letter to the Financial Industry Regulatory Authority requesting that it provide its interpretation of the Securities and Exchange Commission's proposed standards of conduct rule.

In their letter to FINRA President and Chief Executive Officer Robert Cook, the legislators expressed concern that the rule, which FINRA will play a large role in implementing and enforcing, would not adequately protect investors or guarantee that brokers put their clients' interests ahead of their own.

The SEC's rulemaking package, which it released in April to address the standards of conduct for investment professionals, is now open for public comment.  FINRA, the primary regulator of the...

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