Translation: Brokers can no longer screw their clients and hide behind the blanket of "Suitable".
Read further. It's about damn time. Think of a new jet being developed, where the engineers claimed their work was "Suitable", or a new bridge being built was considered "Suitable".
Talk about a CYA clause?
In other words, when an investment broker suggested you invest in a certain commodity, they may have been working on behalf of someone else' and not in your best interest.
The rule change now forces them to actually invest in "Your Best Interest". Opening these scum brokers up to possible lawsuits for fraud.
Read the article, and note, just who was working for Wall St and who was working on behalf of the investor. Hint, Marxists just lost. :biggrin:
U.S. SEC adopts rules to prevent broker conflicts, boost disclosure
https://www.reuters.com/article/us-usa-sec-bestinterest-idUSKCN1T617O