U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton has publicly confirmed that the June 30 deadline for compliance with the SEC’s Regulation Best Interest (Reg BI) rulemaking package remains in effect.
The dramatic events unfolding as a result of the coronavirus pandemic have caused the SEC to provide other forms of regulatory relief to financial market stakeholders, but, as Clayton has confirmed, implementation of Reg BI is on track.
In recognition of this, InvestorCOM, a provider of regulatory compliance software and communications solutions for the financial services industry, has announced the availability of a Reg BI compliance management platform.
In basic terms, Reg BI establishes a “best interest” standard for broker/dealer (B/D) firms, and it mandates the establishment of firm-specific training, processes and procedures required to demonstrate compliance. According to the firm, broker/dealers can meet this new standard with confidence by leveraging InvestorCOM’s Reg BI compliance platform.
“Our solution is well suited to satisfying the principles set out by U.S. regulators and features a highly intuitive and simple interface that broker/dealers will instantly appreciate,” says David Reeve, CEO of InvestorCOM.
Reeve says InvestorCOM’s platform supports the key categories of disclosure and recordkeeping, adviser and process oversight, and investment product selection and monitoring. The solution is comprised of three components, including product shelf monitoring, reviews of product alternatives and disclosure document generation, and a secure digital form delivery element.
More information is available on the firm’s website.