Just over a year removed from its compliance date, Regulation Best Interest (Reg BI) might already be unable to keep pace with the current state of the broker-dealer business model.
Rick Fleming, the longtime director of the Office of the Investor Advocate at the Securities and Exchange Commission (SEC), said in a speech Wednesday that so-called “gamification” platforms—ones like Robinhood designed to make stock trading more easily accessible and exciting—“expose what may be a significant flaw in Reg BI.”
