Regulation Best Execution

The Securities and Exchange Commission ("Commission') is proposing new rules under the Securities Exchange Act of 1934 ("Exchange Act') relating to a broker-dealer's duty of best execution. Proposed Regulation Best Execution would enhance the existing regulatory framework concerning the duty of best execution by requiring detailed policies and procedures for all broker-dealers and more robust policies and procedures for broker-dealers engaging in certain conflicted transactions with retail customers, as well as related review and documentation requirements.