April 18, 2018 / 8:49 PM / a month ago

SEC proposes new 'best interest' standard rule for retail investors

NEW YORK, April 18 (Reuters) - The U.S. Securities and Exchange Commission on Wednesday proposed a new rule that would raise the standards registered broker-dealers in the securities industry must comply with when providing retail investors financial advice.

The Regulation Best Interest would require brokers to more clearly disclose fees and conflicts of interest, and would replace an Obama-era regulation passed by the U.S. Department of Labor that was overturned in March by the 5th U.S. Circuit Court of Appeals. (Reporting by Elizabeth Dilts Editing by Leslie Adler)

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