FINRA Reminds Brokers to Use Reg BI Compliance Resources

FINRA collated SEC staff bulletins and FINRA resources to improve member compliance with Regulation Best Interest ("Reg BI").

In the Regulatory Notice, FINRA reminded its members to review bulletins that address the Reg BI care obligation, the disclosure obligation, the conflict of interest obligation and the compliance obligation. FINRA highlighted the following SEC Staff Bulletins reiterating standards of conduct for broker-dealers (BDs or members) and investment advisers (IAs): SEC Staff Bulletin: Standards of Conduct for Broker-Dealers and Investment Advisers Account Recommendations for Retail Investors; SEC Staff Bulletin: Standards of Conduct for Broker-Dealers and Investment Advisers Conflicts of Interest; and SEC Staff Bulletin: Standards of Conduct for Broker-Dealers and Investment Advisers Care Obligations.

FINRA also drew attention to its Reg BI webpage that includes links to relevant materials concerning Reg BI and Form CRS.