The Securities and Exchange Commission’s standard of conduct proposal raises brokers’ advice obligations and changes the way brokers are allowed to operate today, the agency’s chairman, Jay Clayton, said Wednesday.

Responding to a question from an attendee during the agency’s first town hall, dubbed “Investing in America, the SEC Comes to You,” held at Georgia State University College of Law in Atlanta, Clayton offered the following example of how brokers’ behaviors will change under the agency’s proposed Regulation Best Interest for brokers:

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