The roundtables will focus on issues relevant to Main Street investors, such as understanding key differences between broker-dealers and investment advisors and choosing which of these financial professionals to work with. Senior SEC staff are expected to join the chairman at this event, the agency said.
Later that evening at a second event, Clayton said he will discuss the package of Regulation Best Interest rules and interpretations.
The agency said the rules “were designed to enhance and clarify the standards of conduct applicable to broker-dealers and investment advisors; help retail investors better understand and compare the services offered and make an informed choice of the relationship best suited to their needs and circumstances; and foster greater consistency in the level of protections provided by each regime, particularly at the point in time that a recommendation is made.”
The events are free and open to the public and the media, but participation may be limited.
“Participants in the investor roundtable should be retail investors who work with, or are considering working with, a financial professional and have no affiliation with the financial services industry,” the SEC said.
Those interested in attending either or both events must RSVP: [email protected].
The events will be held at different locations and staggered throughout the afternoon.
The Main Street Investor Roundtable will be held Monday, July 8, from 2 p.m. to 3 p.m. at the SEC’s Boston Regional Office at 33 Arch Street on the 24th floor.
The second event, Chairman Clayton’s “Discussion of the Standards of Conduct for Financial Professionals,” will be held later that same day from 5 p.m. to 6 p.m. at Babson College’s Boston campus at 100 High Street, on the 9th floor.
The specter of conflicts and hidden costs bother Brian Smith, an AARP member and retired U.S. Navy officer from National Harbor, Md., who attended the SEC roundtable in Washington, D.C., last year.