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 Interest (“Reg BI”). Reg BI requires that when broker-dealers make a recommendation regarding securities to a retail customer it must act in the best interest of the customer, without placing its own financial or other interest ahead of the retail customer’s interest. The Financial Industry Regulatory Authority (“FINRA”) also ...
Broker-dealers (“BDs”) should be aware that, on June 5, 2019, the SEC adopted “Regulation Best Interest” (“Reg BI”), which requires BDs and their registered representatives (“RRs”) to “act in the best interest of the retail customer,” when “making a recommendation” regarding “a securities transaction or investment strategy.” In addition, the SEC’s new rules require BDs to deliver Form CRS relationship summaries (“Form CRS”) to retail customers. BDs will need to be in compliance with Reg BI and Form CRS, which were accompanied by more than ...
Blog Editors
Recent Updates
- Service and Justice: Veterans in Law – Speaking of Litigation Video Podcast
- Sixth Circuit Says It Again: Outside Counsel’s Internal Investigations Are Privileged and Protected from Disclosure
- Eleventh Circuit Allows Qui Tam Relators to Avoid Complaint Dismissal by Using Information Obtained in Discovery
- EDPA Strengthens Its Approach to White-Collar Enforcement
- Texas’s Expanded Telemarketing Restrictions Go Into Effect