In his most recent testimony before Congress, SEC Chair Jay Clayton focused on Main Street investors. Addressing standards of conduct for broker-dealers and investment advisers, Chair Clayton noted that the rulemaking package issued in April this year would enhance retail investor protection and understanding while preserving retail investor access. He commented that the proposed broker-dealer best interest obligation addresses conflicts of interest and establishes a relationship standard that reflects reasonable retail investor expectations. He also noted that the rulemaking package would help retail investors understand who they are dealing with, what relevant questions to ask and what matters the most. In addressing the priorities, Chair Clayton noted that the Office of Compliance Inspections and Examinations will focus its attention on the SEC's commitment to protecting retail investors, and also, areas that present heightened risks. The full text of the prepared testimony may be found here.
Originally published in REVERSEinquiries: Volume 1, Issue
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