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The Securities and Exchange Commission announced it will hold an open meeting to vote on its Regulation Best Interest proposal on Wednesday, June 5. The Commission will consider whether to adopt a new rule to establish a standard of conduct for financial advice. The IPA will attend the meeting and report back to membership on the results of the vote.

The commissioners will be considering four items at the meeting:

  • Regulation Best Interest – Standard of Conduct for Broker-Dealers
  • Form CRS Relationship Summary
  • Standard of Conduct for Investment Advisers
  • Interpretation of “Solely Incidental”

The IPA’s advocacy for the advancement of the PDI industry with NASAA and individual state securities regulators continues. On Monday, May 20, the IPA attended NASAA’s Public Policy Roundtable in Washington, DC and continued the important dialogue that began as part of the annual IPA/NASAA Meeting during IPA Summit 2019. For more information about that meeting, please see our event recap.

As a reminder, the IPA will also be submitting a comment letter to the New Jersey Bureau of Securities on its proposed fiduciary duty rule by June 14.