Four new requirements under Reg BI—the Disclosure, Care, Conflict of Interest, and Compliance Obligations–will have to be met irrespective of whether a broker-dealer offers the on going monitoring of a retail client's assets.
The Securities and Exchange Commission's new conduct standards for broker-dealers, clarifying rule on investment advisors' fiduciary obligations, and new disclosure requirements that go into effect June 30 of 2020 will impact nearly all aspects of the investment and retirement services industry, according to attorneys with Drinker, Biddle, and Reath.
"It's a very aggressive schedule" for implementation, said Sandra Dawn Grannum, co-chair of the firm's Commercial Litigation Team, in a webinar. "There is no reason to believe that implementation of the rules will be put off."
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
