It has been almost two years since Regulation Best Interest (Reg BI) came into effect. Recently, the Financial Industry Regulatory Authority (FINRA) published their 2022 Exam Report. The report brings renewed attention to meeting the regulatory requirements, as it shows that many broker-dealers (B-Ds) are failing to address various aspects of Reg BI’s Care Obligation. […]
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Two major regulatory changes are currently bearing down on financial professionals and broker-dealers. Regulation Best Interest (Reg BI) came into effect on June 30, 2020, requiring that broker-dealers and financial professionals ensure their recommendations are in a client’s best interest. This means evaluating recommendations based on cost, risk and return factors; considering reasonable alternatives; disclosing […]
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With SEC examinations ramping up and PTE 2020-02 deadline around the corner, we invited Issa Hanna from Eversheds Sutherland and John Carl from Retirement Learning Center to share their observations regarding Reg BI examinations and enforcement and what firms and financial professionals can do to mitigate risk. == Parham Nasseri (PN): What were the biggest […]
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Today, FINRA published the 2022 Report on FINRA’s Examination and Risk Monitoring Program. For firms that are impacted by Regulation Best Interest (Reg BI), this regulatory report is certainly insightful. It addresses over 20 regulatory areas, adding new topics including Reg BI exam findings and effective practices. Since 2020, InvestorCOM has been helping wealth management […]
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On March 3, 2021, the US Securities and Exchange Commission (SEC) Division of Examinations announced its examination priorities including a greater focus on Regulation Best Interest (Reg BI). Reports from October 2021 suggest the SEC is making good on its promise by sending a large number of broker-dealers Reg BI exam deficiency letters. Reg BI […]
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The window for firms to meet compliance for PTE 2020-02 is getting shorter. In October 2021, the DOL stated that all proper processes need to be in place by January 31, 2022 and documentation and disclosure by June 30, 2022. InvestorCOM hosted a roundtable event “Preparing for PTE 2020-02” which facilitated a collaborative discussion with […]
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ON-DEMAND WEBINAR The SEC and DOL are continuing to focus on rollover recommendations and their impact on investors. The DOL’s Fiduciary Rule and PTE 2020-02 requirements, enforceable on December 21, 2021, will perhaps become the new industry standard going forward. Meet your rollover requirements with confidence. Access this on-demand webinar to hear our panel of […]
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December 20 is just around the corner, which means time is quickly running out to meet compliance for PTE 2020-02. In preparation for the looming deadline, InvestorCOM recently hosted a roundtable event “Preparing for PTE 2020-02” to address the industry’s questions and concerns, and to share approaches firms are taking to meeting compliance. One interesting insight […]
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Prior to the Reg BI implementation deadline, many saw the principled-based regulation as the most significant enhancement of conduct standards since the passing of the Securities Act. Fast forward to today, and the Securities and Exchange Commission (SEC) has conducted several fact-finding exercises, onboarded key personnel and begun to take noticeable enforcement action. In short, […]
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Over the past decade, the wealth management industry has grappled with a fair share of regulatory change. For many, the mushrooming regulatory change is no longer an exception, but an expectation. In the past year, many wealth managers and financial professionals were focused on meeting the requirements of Regulation Best Interest (Reg BI). In summary, […]
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