How SEC’s New Reg BI Guidelines Impact Broker-Dealers

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How SEC’s New Reg BI Guidelines Impact Broker-Dealers

ValueWalk’s Q&A session with Todd Cipperman, the founding principal of Cipperman Compliance Services (CCS), discussing the new guidelines regarding Reg BI, if Jay Clayton is focusing on the right aspects and, private equity and illiquid valuation.

Can you tell us about your background?

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I am the founding principal of Cipperman Compliance Services (CCS).

[REITs]

Q1 hedge fund letters, conference, scoops etc

When did you start your firm and what does it do?

2004. CCS provides outsourced chief compliance officer services to advisers, funds, and broker-dealers.

The SEC has some new guidelines regarding Reg BI can you tell us how this impacts BDs?

Regulation BI will require broker-dealers servicing retail clients to adhere to a “best interest” standard of care, which is a heightened standard of care over the current suitability standard.  Most observers believe that the “best interest” standard is still less than the “fiduciary” standard applicable to