If you thought the regulatory battle over requiring advisors to act in your best interest was over, think again.

Tuesday was the final day for the public to comment on a Securities and Exchange Commission version of the rule to require investment advisors and broker-dealers to operate in the best interest of their clients.

This regulatory effort is different from the Obama-era "fiduciary rule," which was promulgated by the Labor Department and killed by the U.S. Fifth Circuit Court of Appeals in June.

That regulation applied only to retirement accounts. It sought to ensure that advisors don't receive incentives for acting against your interest, and it required advisors to charge no more than reasonable compensation and avoid misleading statements.

Meanwhile, the SEC's proposed rule would apply more broadly to advisors, broker-dealers and the investment recommendations they make.

The SEC proposal is a long way from becoming reality: Once agency staff receives and reviews the public feedback — there are nearly 4,000 comments — it will provide a recommendation to SEC commissioners on how to proceed.

"It's not going to happen overnight," said Barbara Roper, director of investor protection for the Consumer Federation of America.

Here's what you should know about the proposal.