WASHINGTON (Reuters) – The financial industry wants the U.S. Securities and Exchange Commission to hold off on parts of a new rule requiring brokers to disclose potential conflicts of interest, citing disruptions caused by the coronavirus, four people with knowledge of the discussions said.
FILE PHOTO: The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri/File Photo
The so-called Regulation Best Interest rule is one of several the industry has been lobbying to delay or suspend as it struggles with staff working from home, volatile markets, and a flood of customer queries due to the pandemic. A delay would help free-up much-needed resources, the people said.
One of the people with knowledge of the lobbying efforts, Daren Domina, an investment management partner at corporate law firm Haynes and Boone, said large brokers are still working to comply with the rule, albeit on…