; and (IV) any material conflict of interest. (ii) Content of disclosure The Commission may issue regulations determining the content of the disclosure required in clause (i). Such regulations may provide for a disclosure of fees received by the broker or dealer, whether from the retail customer or a third party, prior to the execution of the transaction. (C) Material conflict of interest A broker or dealer (or registered representative) shall avoid, disclose, or otherwise reasonably manage any material conflict of interest with a retail customer. (2) Nonviolation of standard of conduct The following is not, by itself, a violation of the standard of conduct described in paragraph (1): (A) The receipt of compensation, including transaction-based compensation, by a broker or dealer (or registered representative) or any affiliate of such broker or dealer (or registered representative). (B) The recommendation by a broker or dealer (or registered representative) to a retail customer of principal transactions (including cross transactions), or the recommendation of affiliated, unaffiliated, or proprietary products or services, or a limited range of products or services. (3) No requirement to recommend least expensive product Nothing in this subsection shall require a broker or dealer (or registered representative) to recommend the least expensive security or investment strategy (however quantified) or to analyze all possible securities, other products, or investment strategies before making a recommendation. (4) Definitions In this subsection: (A) Compensation The term compensation includes commissions or sales charges, or other fees or variable compensation, for or related to the sale of securities or for the servicing of customer accounts, whether paid by the retail customer or received from a third party. (B) Customer’s investment profile The term customer’s investment profile has the meaning of such term as described in Rule 2111 of the Financial Industry Regulatory Authority as of the date of the enactment of this