Two new risk alerts published by the SEC provide broker/dealers and advisers with advance information about the expected scope and content of the initial examinations for compliance with Regulation Best Interest and Form CRS.
Tag: Reg BI
The SEC has confirmed that the COVID-19 pandemic will not halt the implementation of the SEC’s Regulation Best Interest, which has a general compliance date of June 30.
“The uncertainties caused by COVID-19 have not changed our perspective or commitment,” SEC Chairman Jay Clayton says.
As the SEC’s June 30 Regulation Best Interest deadline nears without hope of a grace period, sources say many financial services firms aren’t ready to comply.
The Democratic presidential candidate tells Department of Labor Secretary Scalia she fears the DOL is considering standards of conduct that would permit advisers providing advice on retirement savings to engage in conflicts of interest.
The rule blurs the line between advice and sales, potentially hurting both advisers and investors, he says.
The self-regulatory organization says it will help members implement the SEC's sweeping new conflict of interest disclosure rules.