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 4.
Click here to read further articles from this latest edition.

Visit us at

Mayer Brown is a global legal services provider comprising legal practices that are separate entities (the "Mayer Brown Practices"). The Mayer Brown Practices are: Mayer Brown LLP and Mayer Brown Europe – Brussels LLP, both limited liability partnerships established in Illinois USA; Mayer Brown International LLP, a limited liability partnership incorporated in England and Wales (authorized and regulated by the Solicitors Regulation Authority and registered in England and Wales number OC 303359); Mayer Brown, a SELAS established in France; Mayer Brown JSM, a Hong Kong partnership and its associated entities in Asia; and Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. "Mayer Brown" and the Mayer Brown logo are the trademarks of the Mayer Brown Practices in their respective jurisdictions.

© Copyright 2018. The Mayer Brown Practices. All rights reserved.

This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.