Broker-Dealers and Advisers Beware: The SEC’s “PDA” Proposal Could Upend Firms’ Interactions With Customers, Clients and Investors
- Yoon-Young Lee, Stephanie Nicolas, Amy Doberman, Kyle Swan
- 8.17.2023
On July 26, 2023, the Securities and Exchange Commission (SEC or Commission) narrowly approved (3-2) a proposed rulemaking under the Securities Exchange Act of 1934 (Exchange Act) and the Investment Advisers Act of 1940 (Advisers Act) intended to address conflicts of interest related to the use of “predictive data analytics” by broker-dealers and investment advisers (Proposal).
