FINRA Offers New Resources for Reg. BI and Form CRS Implementation
FINRA offered new resources to member firms in preparation for compliance with Regulation Best Interest ("Reg. BI") and Form CRS (see previous coverage) by the deadline of June 30, 2020.
To help ensure that firms are able to comply with Reg. BI and Form CRS by the compliance date, FINRA is offering a Reg. BI and Form CRS checklist to help implement necessary procedures and policies. Additionally, FINRA will hold a Reg. BI conference and several Reg. BI discussions at other FINRA events.
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The SEC adopted a rulemaking package designed to enhance retail investors' protections when dealing with broker-dealers and investment advisers.
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The SEC proposed rules (i) to require broker-dealers to act in the "best interests" of retail customers when making investment recommendations and (ii) to affirm and clarify the various types of obligations that investment advisers owe to their clients.
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FINRA urged broker-dealers to prepare for the implementation of SEC Regulation Best Interest.