NAIC Veteran Regulator ‘Concerned’ About SEC Best Interest Rule
May 12, 2018 by John Hilton
Signs of tensions between state regulators and the Securities and Exchange Commission over their simultaneous work on a best-interest standard were evident at a Washington, D.C., conference this week.
SEC official Paul Cellupica let out a nervous chuckle when asked how the SEC best-interest rule is being received by other regulators. He appeared at the Insured Retirement Institute’s Action18 government affairs and technology conference.
“Not everyone is going to be happy or ecstatic with what we’ve proposed,” said Cellupica, deputy director of the SEC Division of Investment Management. “There’s been a general recognition that we’re at least asking the right questions.”
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