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NASAA adopts model rule update to incorporate Reg BI at state level

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The model rule significantly scales back a version from 2023 that industry participants said created new compliance obligations.

The North American Securities Administrators Association (NASAA) approved an amendment to its model Dishonest or Unethical Business Practices of Broker-Dealers and Agents rule, also known as its Conduct Rule.

That update will amend the model rule to incorporate a version of the SEC’s landmark 2020 Regulation Best Interest (Reg BI)