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US broker-dealers found to be breaching some Reg BI conflict-of-interest provisions

( January 30, 2023, 21:38 GMT | Official Statement) -- MLex Summary: US Securities and Exchange Commission examinations of broker-dealers have unearthed “a number of” deficiencies in complying with a conflict-of-interest requirement in 2019 Regulation Best Interest. Some brokerages’ written policies didn’t prohibit contests, quotas, bonuses and non-cash compensation based on the sale of specific securities to ordinary investors within a limited time period. The SEC Risk Alert sought to help broker-dealers in reviewing and improving their compliance with Reg BI, which requires firms to act in the best interest of individual investors when recommending a securities transaction or investment strategy.See document below. ...

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