ANALYSIS: Reg BI & Form CRS — Good Initial Efforts; More Needed

Nov. 13, 2020, 6:59 PM

Now that we have entered into the post-compliance stage for SEC’s Regulation Best Interest (Reg BI) and Form CRS Relationship Summary (Form CRS), let’s see how firms are meeting the SEC’s “good faith efforts” to implement both rules.

We have been tracking developments with Reg BI and Form CRS since their adoption in 2019. In the four months following the rules’ June 30 compliance date, there have been reports on initial exam results, supplemental regulatory guidance, and industry analysis, as well as a recent regulatory roundtable. Collectively, they suggest that firms are making good faith ...

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