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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.”

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Loreen M. Gilbert, CIMA, AIF, CRC, CLTC – President, WealthWise Financial Services
Blue Vault
July 6, 2016

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