SEC headquarters in Washington. (Photo: AP)
On June 5, 2019, the Securities and Exchange Commission (SEC) adopted a rulemaking package that is applicable to investment advisers and broker-dealers. The package includes two final rules and two interpretations: Regulation Best Interest, Investment Adviser Standard of Conduct Interpretation, Form CRS — Relationship Summary, and the Solely Incidental Broker-Dealer Exclusion Interpretation. This is the first in a series of articles describing the SEC’s rulemaking package.
The Regulation Best Interest final rule (Reg BI) under the Securities Exchange Act of 1934 established a standard of conduct for broker-dealers and their registered representatives. Reg BI requires that broker-dealers act in their retail customers’ best interest when making investment or investment strategy recommendations.
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