On April 7, 2025, NASAA announced its members had voted to adopt amendments to the model rule on Dishonest or Unethical Business Practices of Broker-Dealers and Agents (the "Conduct Rule").
The amendments incorporate the best-interest duty of care from the SEC's Regulation Best Interest (Reg BI) into the model Conduct Rule for investment recommendations made to retail customers.
The amendments also expressly prohibit potentially misleading use of the titles "adviser" or "advisor" by broker-dealer agents who are not acting in an advisory capacity — a point of particular relevance to dual registrants.
As a model rule, the amendments take effect in a given jurisdiction only upon that state's own adoption. The proposal was released for public comment on November 4, 2024 before membership approval.