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One-Year Runway for RIAs and BDs to Comply with New Regulation Best Interest

On June 5, in a 3-1 vote, the SEC approved a regulatory standards-of-conduct package for Broker-Dealers and Investment Advisers, with a compliance date of June 30, 2020.   The approved package consists of Regulation Best Interest,  the new Form CRS Relationship Summary, a “standard of conduct for investment advisers” and a definition of “solely incidental” for broker-dealers under the Investment Advisers Act of 1940.

See the SEC’s Press Release 2019-89 and stay tuned – there is more to come on this development from your team at Hardin Compliance Consulting.


Photo by Tadeusz Lakota on Unsplash