Articles and opinion
First published by HFM Week on 23 May 2019.
In this article, Rosalyn Breedy examines the proposal of Regulation Best Interest and Form Common Reporting Standard (CRS) by the US Securities and Exchange Commission (SEC).
By taking a close look at the framework, she discusses why the SEC have missed an opportunity and failed to meet the same level of investor protection provided by the markets in financial instruments directive (MiFID) II to European investors.
Rosalyn argues that “while the SEC is to be commended in addressing the issue of investor protection, the approach does not go far enough and in fact makes things worse by enabling broker-dealers giving investment advice to claim a ‘best interest’ standard without being required to adopt a fiduciary obligation, which is what most people think a ‘best interest’ standard is.”
You can read the full article on the HFM Week website by clicking here.