Think Advisor – In a story about the SEC’s upcoming rule proposal on Regulation Best Execution, Healthy Markets President and CEO Tyler Gellasch is quoted saying “By moving a self-regulatory organization rule over to the SEC, you’re going to dramatically improve the chances of robust enforcement — but you also need to update the rule. The FINRA rule was written decades ago and it has been supplemented over time with lots of guidance that says that brokers may do or could consider or maybe should consider…it’s just wildly outdated for how the markets work today, added Gellasch. What the SEC is looking to do, and what they need to do, is not just take control of their own rule, but also update it. A lot of FINRA’s rule includes guidance that is not enforceable, which is why we don’t see robust enforcement.” (Full Story).
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