Abstract
On June 5, 2019, the SEC adopted the Regulation Best Interest Rule Package. The package consists of (i) Regulation Best Interest: The Broker-Dealer Standard of Conduct; (ii) Form CRS Relationship Summary and Amendments to Form ADV; (iii) the SEC Interpretation Regarding Standard of Conduct for Investment Advisers; and (iv) the SEC Interpretation Regarding the “Solely Incidental” Prong of the Broker-Dealer Exclusion from the Definition of Investment Adviser. Additionally, FINRA (the Financial Industry Regulatory Authority) has amended several of its rules following the SEC’s adoption of Reg. BI. This article describes Reg. BI and Form CRS, as well as the additional SEC guidance and FINRA rules changes.
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