Regulation Best Interest

There are now nearly 13,500 SEC-registered IAs managing $97.2 trillion in assets

The SEC and FINRA in effect issued a first quarter report card on how B-Ds and dual-registrants are doing in complying with the new regulation

"OCIE, have been conducting initial examinations after the compliance date. Initial examinations of Reg BI and Form CRS have focused on assessing whether firms have made ...

"Today, the Commission proposes to carve out this conduct, a mere three months after the compliance date for Reg BI"

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While both broker-dealers and investment advisers may be subject to a best interest standard of conduct, there are significant differences in the customer/client relationship covered

The firm was asked to hand over everything from a list of retail customers to fee “grids or schedules” to information on any “bonuses or ...

"Include any considerations and limitations on making recommendations to retail customers (including when recommendations must be documented) and the disclosures must be made to retail ...

However, if you’re unclear in what capacity you’re acting then you “should assume that both Regulation Best Interest and the Investment Advisers Act would apply

The fact that the recipient of the recommendation is a regulated financial services industry professional would not excuse a firm from complying with Regulation Best ...