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SEC and FINRA to Hold Roundtable on Regulation Best Interest and Form CRS

The Securities and Exchange Commission will hold a roundtable with the Financial Industry Regulatory Authority (FINRA) to discuss initial observations on Regulation Best Interest and Form CRS implementation.

The Securities and Exchange Commission will hold a roundtable with the Financial Industry Regulatory Authority (FINRA) to discuss initial observations on the implementation of the SEC’s Regulation Best Interest and Form CRS.

The event is scheduled on October 26 from 1:00 to 3:00 pm ET.

Participants at the roundtable will include staff from the SEC’s office of compliance inspections and examinations, the division of trading and markets, the division of investment management, and FINRA. The roundtable will be held by remote means, will be open to the public via live webcast, and will be archived for later viewing. Further details on the agenda and participants will be forthcoming.

Regulation Best Interest and Form CRS were adopted by the SEC in June 2019 as part of a package of rules and interpretations designed to address the obligations of broker-dealers and investment advisers when they provide recommendations or investment advice to retail investors.

The SEC claims that Regulation Best Interest enhanced the broker-dealer standard of conduct beyond existing suitability obligations and requires broker-dealers, among other things, to act in the best interest of a retail customer when making a recommendation of any securities transaction or investment strategy involving securities.

Form CRS is a relationship summary designed to help retail investors make informed choices regarding whether a brokerage or investment advisory relationship, as well as whether a particular broker-dealer or investment adviser, best suits their particular needs and circumstances.

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