"The proposal calls for a best interest standard and calls on brokers to establish policies and procedures to identify and avoid conflicts. A new 'customer relationship summary' disclosure would enhance the investor's participation in the relationship with their broker ... Additionally, the titles 'advisor' and 'adviser' would be more strictly defined. What is nowhere to be found is a private right of action giving investors the right to sue, a controversial component of the [DOL] fiduciary rule."

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