The Securities and Exchange Commission (SEC) on Wednesday approved new financial advisory standards for stock brokers and financial advisers, likely setting up a legal battle with consumer advocates who have called for stricter rules.The Republican-controlled SEC voted along party lines to finalize a package of four measures aimed at enhancing and clarifying rules on broker-dealers and investment advisers while limiting conflicts of interest with their clients.SEC Chairman Jay Clayton, along with GOP Commissioners Hester Peirce and Elad Roisman, voted for the measures. Robert Jackson Jr., the agency’s sole Democratic commissioner, voted against them.ADVERTISEMENT“This action is long overdue,” Clayton said Wednesday, touting the SEC “staff’s decades of experience and expertise, the information and feedback we received from investors and other market participants” in the 14 months since the package was proposed in April.The SEC rule comes almost a decade after the 2010 Dodd-Frank Act ordered the agency to write regulations for broker-dealer and investment advisers. Last year, a tougher rule issued in 2016 by the Obama Labor Department was struck down in federal court.Dodd-Frank empowered the SEC to set a universal standard for broker-dealers and investment advisors. But the commission made little headway on the rule under former SEC Chair Mary… Read full this story
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