5 Steps Toward Broker Conduct Rule Compliance

Law360 (October 3, 2019, 5:48 PM EDT) -- On June 5, the U.S. Securities and Exchange Commission approved its highly anticipated package of rulemakings and interpretive guidance relating to the standards of care applicable to financial professionals when making recommendations and providing investment advice to retail investors.

Included in this package was the SEC’s new Regulation Best Interest, or Reg BI,[1] which will likely require transformative changes for much of the retail brokerage industry.

The Reg BI compliance implementation to-do list for the typical broker-dealer is wide and varied, as the new regulation will have impacts on many aspects of the typical retail broker-dealer’s business, including areas such as...

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