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U.S. SEC addresses Wall Street 'misconceptions' about conflicts of interest

By Katanga Johnson WASHINGTON (Reuters) -The U.S. Securities and Exchange Commission (SEC) on Wednesday published a staff bulletin that seeks to clarify how broker dealers and...
U.S. SEC addresses Wall Street 'misconceptions' about conflicts of interest © Reuters. FILE PHOTO: The U.S. Securities and Exchange Commission logo adorns an office door at the SEC headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst/File Photo

By Katanga Johnson

WASHINGTON (Reuters) -The U.S. Securities and Exchange Commission (SEC) on Wednesday published a staff bulletin that seeks to clarify how broker dealers and investment advisors must address conflicts of interest when providing advice and recommendations to investors.

The guidance aims to spell out expectations amid industry "misconceptions," an SEC official told reporters, adding that while all financial firms and professionals have some conflict, the "nature and expense" of those conflicts can vary.

The guidance specifically clarifies brokers' and advisors' obligations around disclosing conflicts of interest under the SEC's long-standing Investment Advisor Fiduciary Standard and its Regulation Best Interest rule, passed in 2019.

"The steps firms take to address conflicts of interest need to be tailored to their particular business model," an SEC official said.

"They need to be designed to prevent those conflicts of interests that are present at that particular firm from causing the firm and its financial professionals to place their own interests ahead of the retail investors' interests and thereby to violate their best interests obligation."

Firms are also expected to identify areas in their particular business where their own interests are in conflict with their customers and to think carefully about how those conflicts, if not adequately addressed, might negatively affect retail investors. Firms must determine what steps they must take to address those conflicts.

Wednesday's bulletin is designed to help firms with this process, recognizing that there is no one-size-fits-all approach.

Specifically, the guidance, which is the second in a series, identifies some common sources of conflicts of interest for broker dealers, investment advisors, dual registered firms and their financial professional by outlining factors firms can consider in determining whether a particular conflict needs to be vacated, as well as possible approaches to conflict mitigation when that is necessary.

The Republican-led SEC finalized the Regulation Best Interest rule in 2019 in what was widely seen as a win for Wall Street after its 10-year battle over regulation of the investment advice industry. It fought off a more onerous proposal by the Department of Labor.

Consumer groups criticized the Regulation Best Interest rule for being too vague in its definition of "best interest" while not addressing all conflicts, including the higher payments that brokers receive for selling products that are more expensive to trade.

Wednesday's measure under the current Democratic-led SEC seeks to plug some of these gaps, analysts said.

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BROKERS ĐƯỢC CẤP PHÉP
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11-08-2022 21:55:47 (UTC+7)

EUR/USD

1.0346

+0.0049 (+0.48%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (6)

Sell (3)

EUR/USD

1.0346

+0.0049 (+0.48%)

Summary

Neutral

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Indicators:

Buy (6)

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GBP/USD

1.2227

+0.0001 (+0.01%)

Summary

↑ Sell

Moving Avg:

Buy (3)

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Indicators:

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USD/JPY

132.60

-0.26 (-0.20%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (4)

Sell (2)

AUD/USD

0.7125

+0.0047 (+0.67%)

Summary

↑ Buy

Moving Avg:

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Indicators:

Buy (6)

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USD/CAD

1.2745

-0.0028 (-0.22%)

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Neutral

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EUR/JPY

137.21

+0.38 (+0.28%)

Summary

Buy

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EUR/CHF

0.9719

+0.0016 (+0.16%)

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↑ Buy

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Gold Futures

1,809.15

-4.55 (-0.25%)

Summary

↑ Sell

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Silver Futures

20.462

-0.280 (-1.35%)

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Copper Futures

3.7053

+0.0558 (+1.53%)

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Buy

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Crude Oil WTI Futures

93.09

+1.16 (+1.26%)

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↑ Buy

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Brent Oil Futures

98.56

+1.16 (+1.19%)

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↑ Buy

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Natural Gas Futures

8.431

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US Coffee C Futures

222.50

+2.05 (+0.93%)

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↑ Buy

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Buy (5)

Sell (3)

Euro Stoxx 50

3,756.15

+6.80 (+0.18%)

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Buy

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Indicators:

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S&P 500

4,245.79

+35.55 (+0.84%)

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↑ Buy

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DAX

13,712.37

+11.44 (+0.08%)

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Neutral

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FTSE 100

7,471.75

-35.36 (-0.47%)

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↑ Buy

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Buy (8)

Sell (1)

Hang Seng

20,082.43

+471.59 (+2.40%)

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↑ Buy

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Buy (12)

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Buy (8)

Sell (0)

US Small Cap 2000

1,998.00

+28.09 (+1.43%)

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↑ Buy

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Buy (11)

Sell (1)

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Sell (2)

IBEX 35

8,382.77

+29.97 (+0.36%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (7)

Sell (0)

BASF SE NA O.N.

43.620

-0.825 (-1.86%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

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Sell (11)

Bayer AG NA

51.72

-0.18 (-0.35%)

Summary

↑ Sell

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Buy (0)

Sell (12)

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Buy (0)

Sell (7)

Allianz SE VNA O.N.

179.03

+0.53 (+0.30%)

Summary

↑ Sell

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Sell (11)

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Sell (4)

Adidas AG

172.97

-0.39 (-0.22%)

Summary

Neutral

Moving Avg:

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Buy (1)

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Deutsche Lufthansa AG

6.542

-0.069 (-1.04%)

Summary

Buy

Moving Avg:

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Sell (6)

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Siemens AG Class N

110.18

+1.00 (+0.92%)

Summary

Neutral

Moving Avg:

Buy (10)

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Buy (3)

Sell (5)

Deutsche Bank AG

8.899

+0.070 (+0.79%)

Summary

↑ Sell

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Buy (5)

Sell (7)

Indicators:

Buy (0)

Sell (9)

 EUR/USD1.0346Neutral
 GBP/USD1.2227↑ Sell
 USD/JPY132.60Buy
 AUD/USD0.7125↑ Buy
 USD/CAD1.2745Neutral
 EUR/JPY137.21Buy
 EUR/CHF0.9719↑ Buy
 Gold1,809.15↑ Sell
 Silver20.462Neutral
 Copper3.7053Buy
 Crude Oil WTI93.09↑ Buy
 Brent Oil98.56↑ Buy
 Natural Gas8.431↑ Buy
 US Coffee C222.50↑ Buy
 Euro Stoxx 503,756.15Buy
 S&P 5004,245.79↑ Buy
 DAX13,712.37Neutral
 FTSE 1007,471.75↑ Buy
 Hang Seng20,082.43↑ Buy
 Small Cap 20001,998.00↑ Buy
 IBEX 358,382.77↑ Buy
 BASF43.620↑ Sell
 Bayer51.72↑ Sell
 Allianz179.03↑ Sell
 Adidas172.97Neutral
 Lufthansa6.542Buy
 Siemens AG110.18Neutral
 Deutsche Bank AG8.899↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,610/ 6,710
(10/ 10) # 1,634
SJC HCM6,620/ 6,720
(20/ 20) # 1,644
SJC Hanoi6,620/ 6,722
(20/ 20) # 1,646
SJC Danang6,620/ 6,722
(20/ 20) # 1,646
SJC Nhatrang6,620/ 6,722
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SJC Cantho6,620/ 6,722
(20/ 20) # 1,646
Cập nhật 11-08-2022 21:55:49
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Ngoại tệMua vàoBán ra
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EUR23.475,2124.789,85
GBP27.818,8429.005,24
JPY171,29181,34
KRW15,5318,92
Cập nhật lúc 18:49:20 11/08/2022
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