News | 10.09.19
FINRA Issues Regulation Best Interest Checklist for Brokers
FINRA released guidance designed to help its member firms comply with the SEC's Regulation Best Interest (Reg BI). The checklist, posted on FINRA's website, also covers the client disclosure document known as Form CRS. It delineates how Reg BI differs from the suitability standard that currently governs brokers. "The firms and the associated person may not place their interests ahead of the retail customer's. This is a change from FINRA's suitability standard, which does not have an explicit best interest requirement," the checklist stresses.
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