FINRA’s continued focus on account recommendations and rollovers is evident in its 2025 FINRA Annual Regulatory Oversight Report (the Report), Based on the Report, broker-dealers and their registered representatives...more
4/11/2025
/ Broker-Dealer ,
Disclosure Requirements ,
Fees ,
Financial Industry Regulatory Authority (FINRA) ,
Investment ,
Investors ,
IRA Rollovers ,
Regulation BI ,
Regulatory Oversight ,
Retirement Plan ,
Securities Regulation
As explained in my last post, Things I Worry About (7), the DOL’s EBSA has a number of programs that can restore benefits to plans and participants. Those include:
- Civil investigations.
- Criminal investigations.
-...more
2/4/2025
/ 401k ,
Benefit Plan Sponsors ,
Department of Labor (DOL) ,
Disclosure Requirements ,
EBSA ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Liability Issues ,
Fiduciary Duty ,
Investigations ,
Missing Plan Participants ,
Retirement Plan
In November 2023, the U.S. Department of Labor released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more
4/1/2024
/ Department of Labor (DOL) ,
Disclosure Requirements ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Rule ,
Financial Institutions ,
Internal Revenue Code (IRC) ,
Investment ,
Investment Adviser ,
Investors ,
IRA Rollovers ,
Prohibited Transactions ,
PTEs ,
Retirement Plan
The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to retirement plans,...more
3/7/2024
/ Department of Labor (DOL) ,
Disclosure Requirements ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Exemptions ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment Adviser ,
Investment Management ,
Prohibited Transactions ,
PTE 84-24 ,
PTEs ,
Retirement Plan
On April 7, 2020, the Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert providing guidance for the SEC’s post June 30, 2020 examinations of firms’...more
In light of the significance of the final rules and Commission interpretations issued by the Securities and Exchange Commission (SEC) on June 5, 2019, our Best Interest Compliance Team issued a series of articles on the...more
Regulation Best Interest: SEC 2020 Examination Priorities—Examinations for Compliance With Reg BI and the Investment Adviser Interpretation -
The SEC has issued its final Regulation Best Interest (Reg BI), Form CRS Rule,...more
1/30/2020
/ Best Interest Standard ,
Broker-Dealer ,
Compliance ,
Disclosure Requirements ,
Duty of Care ,
Duty of Loyalty ,
Fiduciary Duty ,
Financial Industry Regulatory Authority (FINRA) ,
Form ADV ,
Form CRS ,
Investment Adviser ,
OCIE ,
Registered Investment Advisors ,
Regulation Best Interest ,
Regulation BI ,
Retailers ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Share Class Selection Disclosure Initiative (SCSD) ,
Share Classes
Regulation Best Interest: FINRA Examination Priorities—2020 Examinations for Compliance -
The SEC has issued its final Regulation Best Interest (Reg BI), Form CRS Rule, RIA Interpretation and Solely Incidental...more
1/17/2020
/ Best Interest Standard ,
Broker-Dealer ,
Compliance ,
Conflicts of Interest ,
Disclosure Requirements ,
Financial Industry Regulatory Authority (FINRA) ,
Form CRS ,
Investment Adviser ,
Registered Investment Advisors ,
Regulation BI ,
Retail Investors ,
Risk Mitigation ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
Regulation Best Interest: Rollover Recommendations and Form CRS/ADV Part 3 Disclosures (Rollovers Part 6) -
The SEC has issued its final Regulation Best Interest (Reg BI), Form CRS Rule, RIA Interpretation and Solely...more
12/11/2019
/ Best Interest Standard ,
Broker-Dealer ,
Disclosure Requirements ,
Fiduciary Duty ,
Final Rules ,
Form ADV ,
Form CRS ,
Investment Adviser ,
Investment Management ,
New Rules ,
Regulation Best Interest ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Standard of Care ,
Standard of Conduct
Regulation Best Interest: Rollover Recommendations for Investment Advisers (Rollovers Part 5) -
The SEC has issued its final Regulation Best Interest (Reg BI), Form CRS Rule, RIA Interpretation and Solely Incidental...more
The SEC has issued its final Regulation Best Interest (Reg BI), Form CRS Rule, RIA Interpretation and Solely Incidental Interpretation. I am discussing the SEC’s guidance in a series of articles entitled “Best Interest...more
10/30/2019
/ 401k ,
Broker-Dealer ,
Department of Labor (DOL) ,
Disclosure Requirements ,
Financial Services Industry ,
Investment Adviser ,
IRA Rollovers ,
Regulation Best Interest ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Standard of Care
Regulation Best Interest:
The SEC has issued its final Regulation Best Interest (Reg BI), Form CRS Regulation, RIA Interpretation and Solely Incidental Interpretation. I am discussing the SEC’s guidance in a series of...more
10/17/2019
/ Best Interest Standard ,
Broker-Dealer ,
Disclosure Requirements ,
Fiduciary Duty ,
Final Rules ,
Financial Industry Regulatory Authority (FINRA) ,
Form CRS ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Management ,
New Rules ,
Regulation Best Interest ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Standard of Care ,
Standard of Conduct
Regulation Best Interest: An Overview of the Requirements -
The SEC has issued its final Regulation Best Interest (Reg BI), Form CRS Regulation, RIA Interpretation and Solely Incidental Interpretation. I am discussing the...more
9/26/2019
/ Best Interest Standard ,
Broker-Dealer ,
Conflicts of Interest ,
Disclosure Requirements ,
Duty of Care ,
Investment Adviser ,
Investment Management ,
Investors ,
Policies and Procedures ,
Regulation Best Interest ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Standard of Care
Regulation Best Interest: The Focus on Costs (Part 2) -
The SEC has issued its final Regulation Best Interest (Reg BI), Form CRS Regulation, RIA Interpretation and Solely Incidental Interpretation. I am discussing the...more
9/18/2019
/ Best Interest Standard ,
Broker-Dealer ,
Disclosure Requirements ,
Fiduciary Duty ,
Final Rules ,
Form CRS ,
Investment Adviser ,
Investment Management ,
New Rules ,
Regulation Best Interest ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Standard of Care ,
Standard of Conduct
On June 5, 2019, the Securities and Exchange Commission (SEC) approved the Regulation Best Interest Final Package, the new disclosure requirements that accompany the financial services industry’s new Regulation Best Interest...more
8/20/2019
/ Broker-Dealer ,
Disclosure Requirements ,
EDGAR ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Form CRS ,
New Rules ,
Regulation Best Interest ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Securities Transactions ,
Standard of Care ,
Standard of Conduct
In light of the significance of Regulation Best Interest (Reg BI) for the financial services industry, Drinker Biddle & Reath’s Best Interest Compliance Team is publishing a series of articles on the Securities and Exchange...more
8/19/2019
/ Best Interest Standard ,
Broker-Dealer ,
Disclosure Requirements ,
EDGAR ,
Fiduciary Duty ,
Financial Industry Regulatory Authority (FINRA) ,
Form CRS ,
Investment Adviser ,
Investment Management ,
New Rules ,
Regulation Best Interest ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Standard of Conduct