Comments on an MSRB proposal to amend its suitability rules to align Regulation Best Interest standards for bank municipal securities dealers are due by May 31, 2022.
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The SEC approved FINRA's proposed rule changes, with some amendments, permitting certain conditions or restrictions to be imposed on broker-dealers that have a "significant history" of misconduct or that hired associated persons with such a history.
The SEC Office of Investor Education and Advocacy and FINRA urged investors to add a "trusted contact person" on brokerage accounts to protect against fraud.
The SEC Office of Compliance Inspections and Examinations described the scope and content of initial examinations for Regulation Best Interest and Form CRS .
The SEC approved MSRB and FINRA proposals requiring securities dealers to disclose the compensation received in transactions with retail investors.