An Aug. 7 Ignites article titled “SEC Chair’s Dilemma: Mustering 3 Votes for Final Reg Best Interest” reports that the SEC has received thousands of letters on its proposed regulatory package related to brokers’ standard of care with clients, with more are expected in before the comment deadline’s close. The piece includes insights from investment management counsel David Tittsworth. “For two decades, these issues have been extremely contentious,” Mr. Tittsworth notes in the piece, adding that although SEC Chairman Clayton has gone to “unprecedented” lengths to gather investor input on the proposals, holding several town-hall style meetings “… it remains to be seen whether these efforts will shape any final rules that may be considered down the line.”
An article titled “Reg BI threatens affiliate fund sales, advisory fees” published by Fund Action on Aug. 8, also appearing in Compliance Reporter, reports that the SEC’s best interest rule could damper sales of proprietary mutual fund products and potentially require some fund advisers to give up fund management fees. The article also includes insights Mr. Tittsworth on public comments. “There is still a long road to go and getting the comments [are] a significant piece of the puzzle,” Mr. Tittsworth said. “But you are looking at a long time before a potential commission vote on any of these rules.”
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