Los Angeles partner Fred Reish was quoted in a Wall Street Journal article titled “SEC Conflict Rules Draw Criticism.” The article discusses the Securities and Exchange Commission’s (SEC) recently issued proposed rules for investment advice.
Fred addressed the best-interest rule proposal, which would apply to all types of investor accounts – a much broader application than the Department of Labor’s rule. Some industry professionals have said that the proposal doesn’t clearly define its terms. “That is the black hole in what the SEC issued,” Fred said. “What does ‘best interest’ mean?”
The SEC’s best-interest rule proposal is subject to a 90-day comment period.
Read “SEC Conflict Rules Draw Criticism”. (subscription required)