US financial industry asking SEC to delay broker disclosure rule, citing coronavirus: sources

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.

"Reg BI" requires brokers to disclose potential conflicts of interest, such as fees and the commissions they earn, when giving financial advice.It was due to go into effect on June 30, but industry is pushing for at least part of it to be delayed until Sept. 30. "I expect that the Commission and the staff will take the firm-specific effects of such unforeseen circumstances into account in our examination and enforcement efforts," he said.

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