12.04.19
SEC Issues FAQs on Investment Advice Rule
by: Greg Iacurcui
The SEC published answers Tuesday to frequently asked questions (FAQs) about its investment advice rule that takes effect next year. The FAQs pertained to one section of the four-part investment advice rule known as Form CRS, a new disclosure meant to help retail investors understand a firm's services, fees, conflicts of interest, and disciplinary history. Broker-dealers and registered investment advisors must file the form with the SEC between May 1 and June 30 next year. The FAQs stipulate that RIAs and brokerage firms should only submit one disclosure form instead of separate disclosures for each separate service they provide. The SEC said it expects to update the FAQs with responses to additional questions.
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