08.04.20
What's Next in Reg BI Compliance?
by: Melanie Waddell
Valerie Mirko, a partner in Baker McKenzie’s Financial Regulation and Enforcement Practice Group in Washington, says that while Reg BI enforcement will not kick in this year, advisors can expect exams from the SEC and FINRA as well as another set of frequently asked questions guidance from the SEC before year-end. Mirko expects that after the SEC’s Office of Compliance Inspections and Examinations and FINRA’s exam program conduct a “very thorough policies and procedures set of exams on a remote basis, look at those findings, see where the industry is in terms of practices” they’ll “adapt FAQs.” Reg BI is “a complicated rule with a lot of parts," notes Mirko. "Now is the time to see where there needs to be more clarity."
Read the full article on Think Advisor.