As SEC's Reg BI Deadline Looms, Firms Face A 'Very Big Lift'
By Al Barbarino (June 5, 2020, 7:17 PM EDT) -- With the compliance deadline for the U.S. Securities and Exchange Commission's Regulation Best Interest fast approaching on June 30, broker-dealers and those who advise them are gearing up for a slew of new requirements that attorneys acknowledge will be a "very big lift."
The new SEC rule aims to tighten the rules of conduct for broker-dealers who make recommendations to retail customers, creating a "best interest" standard that brings them in line with those of traditional investment advisers.
While some aspects of Reg BI set a higher standard for existing procedures, it's the regulation's disclosure requirements that pose the biggest headache as day one...
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