The Clients’ Waiver of Their Rights Under Regulation BI of the Securities and Exchange Commission

TAMAR FRANKEL

BU Law emerita professor Tamar Frankel discusses the Securities and Exchange Commission (SEC)’s Regulation Best Interest (BI), which imposes on broker-dealers a commitment to act in the best interests of their clients. Specifically, Frankel addresses the SEC’s treatment of client waivers of the Regulation BI, which goes even further than general fiduciary law to prohibit any waiver of the broker-dealer’s conflicting interests.

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Bailey v. Wainwright

Docket: 18-3581

Opinion Date: February 20, 2020

Judge: Jeffrey S. Sutton

Areas of Law: Civil Rights, Constitutional Law, Criminal Law

In 1974, a clerk was killed at a store near Toledo. According to Bailey, he entered the store, robbed the cash register at gunpoint, then shot the clerk in the neck and head. The Ohio Parole Board described the crime differently: Bailey entered the store, robbed Cannon, forced him to the ground, “told him . . . exactly what he was planning on doing,” placed the gun to the back of his head and shot him “execution-style” because “he was in need of money and ... the only way he was going to be successful was to kill all witnesses.” In 2014, the Ohio Supreme Court ruled that Ohio prisoners had a right to a factually accurate parole record. Bailey challenged the Board’s version of events. Bailey ordered a transcript to show that trial testimony contradicted the Board's description and moved to correct his parole record. The Board and state courts denied his request. Bailey sought habeas relief under 28 U.S.C. 2254, alleging due process violations by the Board’s refusal to investigate and correct inaccuracies in its description of his crime. The Sixth Circuit affirmed the dismissal of his petition. Bailey is in custody but does not purport to be in custody in violation of federal law. Bailey cannot argue that, but for the allegedly inaccurate description, the Board would grant him parole.