08.04.22

Podcast: Reg BI Will Be Defined Case by Case, Cetera’s Chief Legal Officer Says

by: Nick Morgan; Tom Zaccaro

Cetera Chief Legal Officer Lisa Gok discusses the first Regulation Best Interest (Reg BI) enforcement action by the U.S. Securities and Exchange Commission (SEC), in which the agency charged registered broker-dealer Western International Securities Inc. and five of its registered reps with violating Reg BI through risky L Bond sales. Gok says “similar types of investigations” to the first Reg BI action are going on, and that the first action shows that the SEC “intends to enforce Reg BI however they define it, and it [Reg BI] will be continued to be defined, I think, as the cases go on.”

Read the full article on Think Advisor