The U.S. Court of Appeals for the Second Circuit denied a petition filed by several attorneys general and investment advisers challenging the legality of the SEC's adoption of Regulation Best Interest.
A FINRA proposal to modify its suitability requirements and rules governing non-cash compensation to conform to the stricter standards of Regulation Best Interest was published in the Federal Register.
Regulation Best Interest significantly expands the obligations that broker-dealers owe to retail investors. To assist in navigating these new requirements, the Cabinet produced four new Retail Best Interest Topic Pages.
The Massachusetts Securities Division of the Office of the Secretary of the Commonwealth proposed a fiduciary conduct standard for broker-dealers, agents, investment advisers and investment adviser representatives.