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Seven U.S. states, District of Columbia sue to block SEC rule change

“The SEC’s vote comes at the end of a 10-year battle over regulations on the investment advice industry” writes Midwest Communications Inc for WASHINGTON (Reuters) – Seven U.S. states and the District of Columbia on Monday sued to block rules adopted by the Securities and Exchange Commission (SEC) that would allow brokers to recommend products that benefit them as long as they disclose the conflict. Republican-appointed SEC Chairman Jay Clayton called the rule changes “long overdue,” but investor advocates have said the rules remain too vague in their definition of “best interest” and do not address all investment advice conflicts.

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