On March 3, the SEC’s Division of Examinations (DOE) released its eighth annual publication, highlighting the 2021 examination priorities. The report outlined the key risks, trends, and priorities to improve compliance and enhance investor protection. While much of the priorities resembled last year’s report, the 28 pages serve as a healthy reminder for those functioning […]
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With more than six months since the Regulation Best Interest (Reg BI) compliance deadline, a heightened sense of anticipation is brewing around what wealth firms should expect in 2021. In retrospect, the Reg BI journey thus far has been riddled with uncertainty around what steps broker-dealers (B-Ds) needed to take to ensure compliance. During this […]
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It has been six months since Reg BI’s best interest standard went into effect. Initially, the regulators required that firms make “good faith” and reasonable efforts to ensure the principles of the regulation were in place. However, the SEC recently shifted gears. Starting January 2021, the SEC will move beyond good faith expectations and expand […]
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Given the winds of political change and the SEC’s October 26 roundtable on Regulation Best Interest, regulatory and industry experts from Scopus Financial Group and Celent provide an insightful conversation on: The macro outlook: The impact of political change on Reg BI and the wealth management industry Industry responses to Reg BI and common […]
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Meeting Reg BI’s care obligations may require financial advisors to consider one million data points per day Since the introduction of Regulation Best Interest (Reg BI) by the SEC earlier this year, there are several important changes for Broker-Dealers (B-D’s) and their representatives. The overarching goal of Reg BI is to enhance the broker-dealer standard […]
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With Reg BI now in effect, broker-dealers have taken steps to achieve varying degrees of compliance. While there has been ample time and regulatory guidance to mitigate implementation challenges, sustained compliance with Reg BI raises a host of questions. The SEC has stated that good faith efforts to comply will be recognized. However, as the […]
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With the introduction of Reg BI (Regulation Best Interest), wealth firms will be expected to implement the most significant wealth compliance reform in decades. The Reg BI implementation deadline in the US has recently passed on June 30, 2020. While most firms have met basic compliance requirements, many have deferred compliance technology decisions as the […]
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With Reg BI now in effect, broker-dealers and their representatives will need to illustrate how they are complying with the SEC’s Regulation Best Interest (Reg BI). One of the requirements dealers should pay close attention to is the Care Obligation and the consideration of Reasonably Available Alternatives (or RAA) when making a recommendation. What’s Changed? […]
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Who should care? SEC registered investment advisers, broker-dealers, and dual registrants, who do business with retail investors. Why Form CRS? Form CRS (client relationship summary) is designed to provide investors with simple and comparable, easy-to-understand information about the nature of their relationship with their financial professional.[1] What are the Deadlines? By June 30, 2020, all […]
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Much has changed for the wealth management industry in the last month. The COVID-19 crisis has translated into a the most unprecedented event of our lives, not to mention putting an end to one of the longest bull markets in history since World War II. If figuring out how best to wrestle the oscillating markets […]
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