SEC Passes Preemption Question To The Courts

June 11, 2019

SEC Passes Preemption Question To The Courts

June 6, 2019 | Keith Paul Bishop | Calcorporatelaw.com

Yesterday, the Securities and Exchange Commission approved Regulation Best Interest.  According to the SEC’s announcement, this new regulation will require brokers “to act in the best interest of a retail customer when making a recommendation of any securities transaction or investment strategy involving securities to a retail customer”.  When I wrote about the SEC’s proposed regulation last year, I observed:

“I did not see any mention in the proposal of whether the SEC’s best interest standard would preempt either state common law or statutory standards.  Whether the SEC can or should preempt higher state law standards of conduct is, however, a important question that should not be left unaddressed.”

Read Full Article

Print Friendly, PDF & Email
Go Back
Loreen M. Gilbert, CIMA, AIF, CRC, CLTC – President, WealthWise Financial Services
Blue Vault
July 6, 2016

Our firm has been using Blue Vault from the first year it was available.

We have found it to be a valuable tool to verify what wholesalers tell us and to dig deep into how the reported investments are really performing.

We appreciate that Blue Vault has expanded its services from initially covering REIT's to now also including BDC's.

Our clients also appreciate that we conduct this additional due diligence on their behalf.