News | 01.08.20
SEC Won't Offer Any Grace Period for Reg BI Compliance
In its annual examination priorities document released Tuesday, the SEC's Office of Compliance Inspections and Examinations said it will check with brokers on their progress in implementing Regulation Best Interest (Reg BI) before the June 30 deadline. In July, the office will immediately start to probe compliance with Reg BI as well as with the customer relationship summary (Form CRS). Once again this year, the SEC also said it will target disclosures of fees, expenses, and conflicts of interest, as well as investment costs. The regulator highlighted its ongoing probe of financial incentives that promote the selection of high-fee funds.
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