SEC proposes sweeping changes to process for selling securities
The Securities and Exchange Commission (SEC) proposed a series of rules Wednesday that would change the way securities are sold in U.S. markets and create new disclosures for broker-dealers and others seeking to trade securities on behalf of retail investors.
The SEC passed four proposals that attempt to make it easier for retail investors to receive the best prices for their trades, would change broker-dealers’ obligations for what constitutes “best execution” of trades for retail investors, and would require new disclosures on the treatment of retail orders. The agency also adopted amendments to an unrelated rule on insider trading.
Comment periods on the four proposed rules would last until March 31 or 60 days after publication in theFederal Register, whichever is later.