As expected, the U.S. Securities and Exchange Commission on Wednesday approved a package of controversial new rules governing the way "broker/dealers" will sell their investment products after June 30, 2020, as debate about the merits of the new regime – and whether it goes far enough – continued across the country, and especially in Washington.

The U.S. Securities and Exchange Commission is expected on Wednesday to approve controversial legislation that is meant to set higher standards for “broker/dealers” – those selling retirement products, insurance and investment products to American consumers – as a years-long campaign by consumer advocates to boost advisory standards is formally acknowledged by the American securities regulator.