The North American Securities Administrators Association (NASAA), an international organization devoted to investor protection, seeks public comments on proposed revisions to its broker-dealer conduct rule.
The proposed revisions are in response to the Securities and Exchange Commission’s Regulation Best Interest (Reg BI) and other securities industry developments and would incorporate the core principles of Reg BI into the existing broker-dealer conduct model rule. Other changes would be consistent with Reg BI.
In September 2023, NASAA sought public comments on an initial conduct rule proposal. Revisions made by the NASAA Broker-Dealer Section and Market and Regulatory Policy and Review Project Group were the result of review of the comments and feedback.
“NASAA’s Conduct Rule is designed to ensure that investors receive unbiased recommendations and that investment professionals put investors’ interests first,” NASAA President Leslie Van Buskirk said. “I want to thank the NASAA Broker-Dealer Section and Market and Regulatory Policy and Review Project Group for all of their work in preparing the initial draft, reviewing the comments, and preparing a revised proposal.”
The comment period ends on Dec. 19.
NASAA’s membership includes the securities regulators in states, the District of Columbia, Puerto Rico, Guam, the U.S. Virgin Islands, Canada’s 13 provincial and territorial securities regulators, and the Mexican securities regulator.