On June 16, the SEC granted registered municipal advisers (MAs) a temporary, limited exemption (Exemption) from broker-dealer registration for certain expanded activities. The Exemption permits registered MAs to directly solicit “Qualified Providers” (banks, wholly-owned subsidiaries of banks that are engaged in commercial lending and financing activities and federally- or state-chartered credit unions)…
In a public statement issued on June 15, 2020, U.S. Securities and Exchange Commission (SEC) Chairman Clayton confirmed the June 30, 2020, deadlines for compliance with Regulation Best Interest (Reg. BI) and the Form CRS requirements, echoing his statements from April that the implementation of Reg. BI and Form CRS…
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…