Regulatory & Compliance | 12.06.22
Reg BI Sweep Nearing Completion in the States
A multi-state sweep of broker-dealers to gauge the effectiveness of their Regulation Best Interest (Reg BI) implementation will be completed early next year, according to Andrew Hartnett, president of the North American Securities Administrators Association, giving state regulators what they hope will be a clear snapshot of whether or not firms are putting investors' interests first. Similar multi-state exams of 443 firms last November uncovered rampant retail advice and sales violations, despite the fact that Reg BI had by that time been in place for more than 15 months.
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