News & Analysis as of

Regulation BI

Faegre Drinker Biddle & Reath LLP

Comparing the Standard of Conduct: Broker-Dealers vs. Investment Advisers

The SEC’s standard of conduct for broker-dealers under Regulation Best Interest (Reg BI) became effective on June 30, 2020. While registered investment advisers (RIAs) always have been subject to a best interest standard of...more

Cohen & Buckmann P.C.

Investment Advisers and Broker Dealers: Thought You Finished Your Form CRS? Think Again

Cohen & Buckmann P.C. on

Many investment advisers and broker dealers recently filed the now-required Form Client Relationship Summary (CRS) with the SEC and began delivering the form to their clients and prospects.  The Form CRS is required by the...more

Burr & Forman

Regulation Best Interest is Good Enough: The Second Circuit Upholds Regulation BI in XY Planning Network

Burr & Forman on

In XY Planning Network, LLC, et al. v. SEC, et al., the United States Court of Appeals for the Second Circuit rejected a challenge to Regulation Best Interest brought by an organization of investment advisers, an individual...more

Faegre Drinker Biddle & Reath LLP

Recent State Fiduciary Duty Developments: Arizona Enacts Best Interest Standard

Arizona has become the second state after Iowa to enact a best interest standard for the sale of annuities. Like the Iowa law, both of which become effective January 1, 2021, Arizona’s law is modeled after the National...more

Manatt, Phelps & Phillips, LLP

Tuning Out Harmony: The Second Circuit Upholds Regulation Best Interest

Last year, a group of state attorneys general (AGs) filed suit against the Securities and Exchange Commission (SEC), challenging the agency’s Regulation BI (Best Interest), enacted in June 2019. Regulation Best Interest...more

Hardin Compliance Consulting LLC

Entering Another New Normal: Reg BI & Form CRS Next Steps, State Senior Investor Protection Developments: Regulatory Update for...

For Investment Advisers and Broker Dealers - Reg BI and Form CRS are here! Now what?  After 391 long days of hand wringing, countless meetings, never-ending scenario-based questions, revisions, and the US Court of Appeals...more

Faegre Drinker Biddle & Reath LLP

The Second Circuit Upholds Reg BI

On June 26, 2020, the U.S. Court of Appeals for the Second Circuit issued its ruling on the challenge to the legality of the Regulation Best Interest final rule (Reg BI), promulgated by the U.S. Securities and Exchange...more

Ulmer & Berne LLP

Goodbye Suitability, Hello Best Interest. But What Does That Mean, Practically Speaking?

Ulmer & Berne LLP on

After having proudly served for decades, and surviving a dramatic face-lift in 2012 (when old NASD Rule 2310 was replaced by shiny new FINRA Rule 2111), it seems that the “suitability rule,” as we’ve come to know it, has, at...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #29

On June 15, SEC Chairman Clayton issued a statement partially entitled: “Need for Increased Care when Recommending 401(k)/IRA Rollovers and Withdrawals . . .”. As that title suggests, the Chairman’s statement covers areas...more

Goodwin

U.S. SEC Chairman Confirms June 30th Deadline and Areas of Focus for Regulation Best Interest and Form CRS

Goodwin on

In a public statement issued on June 15, 2020, U.S. Securities and Exchange Commission (SEC) Chairman Clayton confirmed the June 30, 2020, deadlines for compliance with Regulation Best Interest (Reg. BI) and the Form CRS...more

Ulmer & Berne LLP

More Thoughts On Hold Recommendations In A Reg BI World

Ulmer & Berne LLP on

I have blogged before about hold recommendations. Surprisingly – at least to me – the statistics I get from the publisher of this blog reveal that more people have read that particular post than anything else I have written...more

Perkins Coie

FINRA and CFTC Staff Issue COVID-19 Advisories on Commodity-Linked ETPs and Funds

Perkins Coie on

In the wake of severe market volatility resulting from the COVID-19 pandemic, self-regulatory organizations and government agencies continue to provide guidance analyzing and interpreting the effects of the pandemic on market...more

Faegre Drinker Biddle & Reath LLP

The Second Circuit Hears the Reg BI Challenge Oral Argument

A three-judge panel of the Second Circuit entertained arguments on June 2, 2020, in a lawsuit seeking to vacate and set aside the Securities and Exchange Commission’s (SEC’s) Regulation Best Interest (Reg BI). By way of...more

Bass, Berry & Sims PLC

FINRA Officials Provide Insight on Enforcement, Examination and Rulemaking Priorities Amid COVID-19 Pandemic

Bass, Berry & Sims PLC on

Virtual Meetings - Colby said that consistent with FINRA’s rules requiring in-person hearings, it has conducted no remote hearings. He said there have been a handful of remotely conducted FINRA arbitrations, but those are...more

Bryan Cave Leighton Paisner

SEC Reinforces the Importance of Cost Transparency

In advance of the June 30 effective compliance date for the Securities and Exchange Commission’s (the “SEC”) Regulation BI requirements, the SEC released an Order relating to transparency of fees, inaccurate communications,...more

WilmerHale

Navigating the "Good Faith Effort" Standard for Reg BI and Form CRS Implementation

WilmerHale on

Firms must demonstrate a “good faith effort” to comply. Last month, SEC Chairman Clayton issued a public statement communicating that firms should not expect a delay of the June 30, 2020 compliance date for Regulation Best...more

Wilson Elser

FINRA/SEC Will Not Slow Down for COVID-19

Wilson Elser on

Despite the COVID-19 pandemic, the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) have shown over the past several weeks that it’s business as usual. In early April, the SEC...more

Hardin Compliance Consulting LLC

No Slack for Firms on Compliance with Reg BI and Form CRS; SEC Eases Deadlines and Restrictions on Custody and Mutual Funds, and...

For Investment Advisers and Broker Dealers: SEC Actions - SEC Provides Scope and Content of Upcoming Examinations Related to Form CRS.  After June 30, 2020, the Office of Compliance Inspections and Examinations (“OCIE”)...more

Fox Rothschild LLP

“A Rose By Any Other Name Would Smell As Sweet,” Not So For BDs And Advisors

Fox Rothschild LLP on

Although we are certain that Shakespeare never had to deal with the vagaries of Regulation BI, we do, and, in a series of questions relating to Regulation BI, the SEC Staff made it abundantly clear that, if you are a...more

K&L Gates LLP

OCIE Issues Guidance for Examinations of Regulation Best Interest and Form CRS

K&L Gates LLP on

The June 30 deadline for compliance with Regulation Best Interest [1] and Form CRS [2] presents new compliance obligations for broker-dealers and investment advisers engaging in a retail business. In anticipation of this...more

Polsinelli

BitBlog Bi-Weekly Update - April 2020

Polsinelli on

While the world at large shelters in place due to COVID-19 legal and regulatory activity of digital asset and the blockchain world is hopping. ...more

Epstein Becker & Green

SEC and FINRA Provide Guidance on Regulation Best Interest

Epstein Becker & Green on

Recently, the U.S. Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) issued a Risk Alert to provide broker-dealers with guidance on examinations regarding regulation Best...more

Lowenstein Sandler LLP

Form CRS Drafting Guide and Template

Lowenstein Sandler LLP on

What You Need To Know; • The Form CRS must be filed with the SEC by June 30, 2020, at the latest. • All investment advisers, broker-dealers, or dual registrants that service retail investors may now file the Form CRS with the...more

Faegre Drinker Biddle & Reath LLP

The Word Is Out on SEC Examinations for Reg BI Compliance – the OCIE Risk Alert

On April 7, 2020, the Securities and Exchange Commission (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

Mintz - Securities & Capital Markets...

FINRA Agrees with SEC Regarding Enforcement of Regulation BI in Light of COVID-19

On April 7, 2020, the SEC’s Office of Compliance Inspections and Examinations (OCIE) published two Risk Alerts for Regulation BI and the corresponding Customer Relationship Summary Form (Form CRS). The Risk Alerts outline the...more

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Updated: May 25, 2018:

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Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

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Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

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Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at: privacy@jdsupra.com.

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