Regulatory Outlook | 07.28.21
SEC Fines 27 Firms in First-Ever Form CRS Actions
The SEC on Monday ordered 27 financial firms to pay a total of $910,092 in penalties in the first enforcement actions for compliance failures related to Form CRS. The forms, created as part of the regulatory package whose centerpiece was Regulation Best Interest, outlines a firm’s fees, services, and potential conflicts of interest. In its orders, the SEC found that the firms failed to meet their Form CRS deadlines. The case was announced on the first day in office for new SEC enforcement director Gurbir S. Grewal. He said, “Today’s cases reinforce the importance of meeting those obligations and providing retail investors with information that is intended to help them understand their relationships with their securities industry professionals.”
Read the full article on InvestmentNews.