The compliance date of June 30, 2020, is looming for U.S. broker-dealers subject to Regulation Best Interest (Reg. BI)[1] and broker-dealers and investment advisers required to prepare and provide relationship summaries pursuant to Form CRS and related rules.[2] Staff of the U.S. Securities and Exchange Commission (SEC) have provided answers to several FAQs and guidance regarding related exam priorities. This alert provides a brief overview of Reg. BI and Form CRS requirements and highlights a few areas of continued focus (and potential pitfalls) for firms.
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