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Investment Company Institute recommends best interest standard to SEC

( February 5, 2018, 23:32 GMT | Official Statement) -- MLex Summary: The Investment Company Institute says the US Securities and Exchange Commission should adopt a best interest standard for broker-dealers that honor duties of loyalty and care. The group, whose members include mutual funds and exchange-traded funds, said the "loyalty" obligation calls for brokers to act in the customer's best interest while disclosing potential conflicts such as incentives for recommending certain products. The "care" duty would be based in part on current suitability requirements.See letter below....

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