The rule is among the last to be adopted under the landmark Dodd Frank Wall Street reform legislation of 2010.
, according to SEC officials. The 2010 legislation sought to address the root causes of the mortgage crisis. An earlier version of the conflicts rule first proposed in 2011 was never finalized.
SEC Chairman Gary Gensler said the rule would provide exceptions for legitimate activities, such as hedging to mitigate risk, market-making and liquidity commitments.The rule re-proposed on Wednesday is now subject to a public comment period during which industry criticisms of certain aspects of the proposal are likely to arise.
“Through these congressionally mandated exceptions, the rule would allow these market activities while targeting the conflicts that Congress identified,” Gensler said, adding that the latest version of the rule had been refined in light of feedback from the public.
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