The Act authorizes $2.1 trillion in aid to reduce the economic impact of the Covid-19 pandemic. This legislation provides relief for individuals and businesses that have been negatively impacted by the COVID-19 outbreak. The Act* includes the following key provisions:
Regulation Best Interest (BI) is a Securities and Exchange Commission (SEC) rule (effective July 1, 2020) that requires broker-dealers to only recommend financial products and services to their customers that are in their customer’s best interests, and to clearly identify any potential conflicts of interest and financial incentives the broker-dealer may have with those products.
New York State amended Regulation 187 to establish what is referred to as the “Best Interest Rule. The amendments are effective August 1, 2019 for annuity transactions and February 1, 2020 for life insurance transactions. The amendments extend the standard of care insurance companies, agents, and brokers must now exercise when making recommendations to prospective
