[20190116]IF11073_美国证券交易委员会关于经纪人提供建议的最佳利益提案 .pdf

https:/crsreports.congress.gov January 16, 2019The SECs Best Interest Proposal for Advice Given by Broker-Dealers Introduction In April 2018, the Securities and Exchange Commission (SEC) proposed a change to the standard of care imposed on broker-dealers giving investment advice to retail investors. As described further below, broker-dealers are generally required to provide investment advice that is suitable for their clients with respect to factors like a clients financial goals and needs. In contrast, investment advisors are held to a higher, fiduciary standard, which requires they serve the best interests of their clients and subordinate their own interests to that of their clients. The SECs new “best interest” proposal would require a broker-dealer “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.” The proposed rule has been controversial, with Members of Congress, industry advisors, and consumer protection groups all expressing views. This In Focus provides background on the proposed rule and describes the policy debate surrounding the rule. SEC Chairm