Regulatory Outlook | 07.28.20
SEC Cites Deficiencies in Form CRS Filings
In a statement released Monday, SEC staff said the agency's review of a cross section of firms found problems with the form and content of the client relationship summary, or Form CRS. The SEC Standards of Conduct Implementation Committee said that firms were generally meeting the Form CRS requirement, but that it also was noticing problems. The committee plans to host a roundtable in the fall where it will provide more guidance on how firms can improve their Form CRS disclosures. In the meantime, it pointed to online sources of help, such as the instructions for drafting the form and frequently asked questions.
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