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Wall St. trade group calls for new "best interest" rule for brokers

2015-06-04 00:15:24| Footwear - Topix.net

A major Wall Street trade group on Wednesday called for overhauling a longstanding ethical rule for brokers by requiring them to act in customers' best interests when recommending securities. The Securities Industry and Financial Markets Association wants regulators to scrap a key term in a current industry rule, requiring brokers to recommend securities that are "suitable" for customers, and substitute new wording for a "best interests standard," according to its proposal.

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