SEC Investor Advocate’s objectives 2019 include broker-dealer standards of conduct, Kokesh concerns

By Amanda Maine, J.D. The SEC’s Office of the Investor Advocate (OIA) has submitted a report on its objectives for fiscal year 2019, which begins on October 1, 2018. The report expects the Commission to examine the impact on investors from proposed changes in the standards of conduct for broker-dealers, updates to its transfer agent and ETF rules, and enhancements to disclosures by mutual funds and variable annuities. The report also states that the SEC is considering possible approaches to help restore its ability to impose disgorgement orders after five years in the wake of the Kokesh decision, which may require legislative intervention.OIA will continue to support the SEC’s efforts to modernize the SEC’s disclosure requirements in FY 2019, according to the report. OIA said that making disclosure more effective can be a win for both investors and for companies, although it stressed it would remain vigilant to guard against reducing disclosures that are…

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