The order is the latest in a recent run of SEC actions against firms alleging they failed to disclose conflicts around mutual fund share class selection.
Chair Jay Clayton touted the changes as necessary updates to requirements that had gone unchanged for decades, though some commissioners expressed concerns even as they voted in support.
Andrew Stotler details his journey from Edward Jones' anti-money laundering review division to starting his own business by knocking on doors to get clients.
While previous exams looked at 'good faith' efforts by firms to comply, next year the commission will focus on specific rule requirements that 'go beyond suitability standards.'
