Home News SEC and FINRA to Host Online Forum on Regulation Best Interest Implementation

SEC and FINRA to Host Online Forum on Regulation Best Interest Implementation

The Securities and Exchange Commission has released the agenda and panelists for the October 26, 2020 roundtable where SEC staff and FINRA will discuss initial observations on Regulation Best Interest and Form CRS implementation.

The Securities and Exchange Commission has released the agenda and panelists for the October 26, 2020 roundtable where SEC staff and FINRA will discuss initial observations on Regulation Best Interest and Form CRS implementation.

The event will be webcast to the public, and no registration or pre-registration is required. The roundtable will be publicly viewable on Monday, October 26 at 1:00 p.m. ET on SEC.gov. Additionally, the roundtable will be recorded and archived to enable viewing at a later date.

Panelists at the roundtable will discuss initial observations on the implementation of Regulation Best Interest and Form CRS. Separately, market participants and other members of the public may continue to send questions to the SEC’s inter-divisional standards of conduct implementation committee at IABDQuestions@sec.gov.

Agenda for the SEC’s Roundtable on Regulation Best Interest and Form CRS

1:00 p.m. Opening Remarks from SEC chairman Jay Clayton

1:15 p.m. Panel One: Regulation Best Interest – Issues and Observations

  • John Polise, associate director of the broker-dealer and exchange examination program (BDX), office of compliance inspections and examinations (OCIE)
  • Lourdes Gonzalez, assistant chief counsel for sales practices, division of trading and markets
  • Rina Hussain, assistant director at BDX and OCIE
  • Bill St. Louis, senior vice president of member supervision at FINRA

2:00 p.m. Panel Two: Form CRS – Issues and Observations

  • Jim Reese, chief risk and strategy officer, OCIE
  • Melissa Gainor, assistant director, division of investment management
  • Alicia Goldin, senior special counsel, division of trading and markets

Jim Wrona, vice president and associate general counsel at FINRA

2:45 p.m. Concluding Remarks from Peter Driscoll, director, OCIE

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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