03.03.21
SEC Isn’t Dropping the Hammer Yet in Reg BI Exams
by: Mark, Jr. Schoeff
John Polise, associate director of the SEC Division of Examinations, said Thursday that Regulation Best Interest exams are still meant more to help firms comply than to punish them for violations. “We’re still understanding that the rule is complicated, that there are myriad ways for individual firms to address the four core obligations,” Polise said during a webcast. “I think we still have not identified ideal or best practices and could do quite a bit more in helping the industry comply with that. It’s important for people to realize it is a serious obligation.”
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