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DOL Fiduciary Rule Compliance: SEC Says Brokers Can Impose Their Own Commissions on Sales of 'Clean' Fund Shares
Ropes & Gray LLP [Guidance Overview] Jan. 31, 2017 "Clean Shares appear to be tailor-made for a broker-dealer offering commission-based advice to retirement investors and relying on the regular BIC Exemption. Clean Shares permit this type of broker-dealer to create its own commission and transaction fee schedule based on the services the broker-dealer provides. Because this type of broker-dealer will be able to charge a client similar commissions or transaction fees regardless of the products recommended and would not accept Third-Party Payments, compliance with the DOL's Impartial Conduct Standards is likely to be less burdensome than it would be if, instead, the broker-dealer received variable one-time sales loads/fees." |
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