About That Best Interest Rule
The newly issued SEC proposals lack bite.
The fiduciary wars continue unabated more than a decade after they began. To wit: The SEC voted 4-1 to release a series of proposed rules on April 18 which total around 1,000 pages and include more than 1,800 footnotes.
These proposals include: Regulation Best Interest (Regulation Best Interest); Proposed Commission Interpretation Regarding Standard of Conduct for Investment Advisers plus Request for Comment on Enhancing Investment Adviser Regulation (Investment Adviser Standard); and Form CRS Relationship Summary; Amendments to Form ADV; Required Disclosures in Retail Communications and Restrictions on the use of Certain Names or Titles (Form CRS).