David Gary Durno implemented an active trading strategy for two senior clients that “generated large commissions for himself and his firm but reduced client profits”
The new requirement would introduce “specific obligations” that would expand financial planners’ obligation to prioritize their clients’ interests
The group argues that the proposed rule, as it stands, is too weak in certain respects and too ambiguous in others
Lower revenue and higher compliance costs may force smaller firms out of business and impact advisor compensation
In its annual statement of priorities, regulator reinforces its commitment to CSA’s proposed reforms and bolstering banking ombudsman
Industry groups and investor advocates agreed on some of the proposed rules, but opinions were divided on the decision to allow embedded commissions to remain in place
But regulators are banning DSCs and enhancing regulatory requirements for registrants to avoid situations that place them in a conflict of interest
Investor Advisory Panel calls on regulators to adopt a “best interest” standard as soon as possible
Conduct standards in the U.S. brokerage industry remain in flux
The U.S. regulator has also proposed introducing a mandatory new disclosure document that sets out the terms of advisory relationships