WASHINGTON — Brokerage business at credit unions and banks would be negatively impacted if proposed amendments from the Securities and Exchange Commission's Regulation S-P: Privacy of Consumer Financial Information and Safeguarding Personal Information move forward, said the Credit Union Financial Network, an investment services CUSO.
At issue within the regulation is the protocol when a registered representative leaves one brokerage firm for another.
In a May 7 SEC comment letter, Michael Prior, president of CUFN, said independent broker-dealers "own" the client relationship and while wirehouses generally have the same model, advisers are responsible for all or a portion of their expenses as they build their book of business.
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