On June 5, 2019, the US Securities and Exchange Commission (SEC) adopted its Regulation Best Interest (Rule 15l-1 under the Securities Exchange Act of 1934), a rule that requires a broker-dealer registered with the SEC to act in the best interest of its retail customers when making a recommendation of any securities transaction or investment strategy involving securities. The SEC interprets “investment strategy involving securities” to include account recommendations. At the same time, the SEC adopted the Form CRS Relationship Summary (Form CRS) as well as related rulemakings requiring broker-dealers and investment advisers to file Form CRS relationship summaries with the SEC (through the Central Registration Depository and Investment Adviser Registration Depository systems) and deliver Form CRS relationship summaries to retail investors.