Florham Park counsel Joan Neri was quoted in ACA Insight, an investment management compliance news source, regarding the Securities and Exchange Commission’s (SEC) proposed broker-dealer best interest standard and adviser fiduciary interpretation. Joan explained that the SEC and the Department of Labor (DOL) differ in the way they address conflicts of interest.
She noted that while the DOL requires that fiduciaries either avoid the conflict or rely upon a prohibited transaction exemption, the SEC requires that the conflict be eliminated only in cases where full and fair disclosure and informed consent are insufficient.
Read “SEC Proposes Broker-Dealer Best Interest Standard, Adviser Fiduciary Intrepretation”. © 2018 ACA Insight and ACA Compliance Group. All rights reserved. Reproduced with written permission of the publisher.