Fiduciary Advocates Urge SEC to Take Best Interest Out of Reg BI A new report from the Institute for the Fiduciary Standard urges the SEC to “rebrand Reg BI as a ‘New Suitability’ standard for broker/dealers” to clarify that brokers’ product recommendations are different from best interest fiduciary advice.
As the Securities and Exchange Commission Chair nominee Gary Gensler awaits his Senate confirmation process, critics of the agency’s Regulation Best Interest acknowledged that new rulemaking would be necessary to enact the changes they sought, according to participants on a conference call hosted by the Institute for the Fiduciary Standard this week.