The SEC’s Best Interest rule has been making its way through the regulatory machine without much attention lately. Everyone knows it is looming, but no one has been sure of the timing or what the newest iteration would look like. Well, it is becoming clearer now as the SEC has announced that it will vote on whether to adopt the new rule on June 5th. There are four different items the SEC commission will discuss. Some of them are remnants from the last version, but others like the “solely incidental” item, are not clear.
FINSUM: It looks like we will be able to see the new version of the rule within a few weeks. The SEC was facing a major uphill battle to make the BI rule amenable to all sides, and we shall soon see how much progress they made (and how it might fit with a forthcoming DOL rule 2.0).