Paul Kiernan

speaker

175 appearances 3 recordings 1 series first heard Jun 2018 last heard Aug 2021

Paul Kiernan’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Robinhood, Other Online Trading Apps Draw SEC Attention · 31 Aug 2021 podcast

One of the things that the SEC is concerned with is whether some of these practices like, you know, lists of top stocks or push notifications or, you know, bright colors and engaging phone apps are actually doing things that could meet the definition of, you know, a recommendation or advice to investors to do something.

Thanks, JR.

Great to be here.

So this request for comment has a lot to do, I think, with the attention that trading apps, including Robinhood, got earlier this year with the so-called meme stock phenomenon that arose with GameStop and AMC and a few other securities.

And so the SEC is trying to understand what it coins as digital engagement practices.

in the investment industry.

And so it's got a long list of questions that anybody can weigh in on.

And you can bet that brokers and industry participants and lobbying groups will be weighing heavily on this in the months ahead.

The first question is, what types of digital engagement practices do firms use or are expected to use?

And what are their intended purposes?

So the SEC is trying to understand what's happening in the market.

Probably a view toward thinking about potential rule changes or alterations or guidance that it can provide to make sure that technologically savvy trading platforms are behaving in a way that's consistent with the law.

Yeah, right.

One of the things that the SEC is concerned with is ensuring that it understands whatever conflicts of interest might be present and, you know, if necessary, is able to stamp down on those.

You know, another thing that they're trying to get their head around is whether some of these practices like, you know, lists of top stocks or push notifications or, you know, bright colors and engaging phone apps are actually doing things that could meet the definition of, you know, a recommendation or advice to investors to do something.

Securities regulators have not ever clearly, concretely defined what is a recommendation.

They've said that it's kind of facts and circumstances driven.

So factors that might be considered would be communication from a broker to a client.

be viewed as a call to action and likely to influence an investor to trade a particular security or group of securities.

And the issue here is if a broker is making a recommendation, SEC rules require the broker to act in the customer's best interest.

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