02.12.20
FINRA Wants to Help You With Reg BI Compliance
by: John Manganaro
Addressing FINRA’s plans to collaborate with the SEC on Regulation Best Interest's (Reg BI) implementation, Robert Colby, FINRA chief legal officer, says his “self-regulatory organization” will be able to draw on its experience enforcing its own “suitability” standard, which he says was clearly part of the inspiration for the specific approach to conflicts of interest taken by Reg BI. “The big question we are hearing is, how is Reg BI different from how brokers currently deal with customers?” Colby says. “This makes sense, because probably every broker would say that they already put their customers’ interest first and that their own incentives are, by design, aligned with how well their customers do.”
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