Close

Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

×

Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

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...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.