The SEC’s Reg BI and RIA Interpretation

The SEC has issued its final Regulation Best Interest and Solely Incidental Interpretation for broker-dealers, its Interpretation Regarding Standard of Conduct for Investment Advisers, and its Final Rule for Form CRS Relationship Summary and Amendments to Form ADV which applies to both. This program describes the impact of these rules on investment advisers and compares and contrasts them to the new rules that apply to broker-dealers. Some of these rules are already applicable, but most won’t apply until June 30, 2020. The time between now and then will be needed for developing compliant processes, policies and documentation.