A new SEC regulatory action says brokers can't put their paychecks ahead of client interests. But it isn't clear if the plan will disrupt pay practices.
WASHINGTON—Investors will soon learn more about conflicts of interest that can bias investment advice under a regulatory action that is expected to be completed on Wednesday. Less clear is whether it would disrupt how brokers are paid.
The Securities and Exchange Commission plans to vote Wednesday on what it calls Regulation Best Interest, which says brokers can’t put their own paychecks ahead of a customer’s needs. The SEC’s proposal for the rule, issued last year, said brokers should disclose and reduce financial conflicts...
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