The brokerage regulator argued the firm’s automated process for approving options traders on its self-directed platform missed instances where clients submitted applications with conflicting information.

Advocates say RIAs have little to worry about, yet one opponent accused the DOL of waging an “ideological crusade” and said he’d recommend litigation to his board.

The proposal would ban most new non-compete agreements including those of senior executives.

The rule, which takes effect in September, “protects the retirement investors from improper investment recommendations and harmful conflicts of interest,” according to Acting Labor Secretary Julie Su.

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