Based on a study of 200 broker-dealers, NASAA found that firms are "still relying heavily" on suitability policies that predate Regulation Best Interest.
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In response to a request for comment on FINRA Regulatory Notice 22-08, several industry organizations and a cohort of attorneys general submitted letters examining the merit of FINRA's proposal to further restrict retail investors' access to "complex products."
In response to an SEC request for comment on broker-dealer and investment adviser digital engagement practices, SIFMA asserted that existing regulations are sufficient to address potential misconduct.
SIFMA CEO Kenneth E. Bentsen, Jr. and several trade associations criticized the recently revised Massachusetts Securities Division proposed fiduciary conduct standard.
SIFMA argued that the Massachusetts Securities Division should allow SEC Regulation Best Interest to be fully implemented before considering a state-specific fiduciary rule.