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Meeting the Reg BI Compliance Deadline Won’t Be Easy for Everyone

Reg BI Financial Advisor IQ
The nuances within the SEC’s Regulation Best Interest (“Reg BI”) as well as the current market environment may pose a challenge — especially for smaller broker-dealers — to meet the new rule’s June 30 compliance deadline, say industry watchers.

On April 2, the SEC decided not to push back the implementation date, stating that firms had made “considerable progress” and the deadline “remains appropriate.” The regulator did say that its enforcement and examination plan will consider difficulties faced by firms due to the Covid-19 pandemic on a case-by-case basis.

Foreside’s Stephen Murphy, Managing Director, Broker-Dealer Consulting, provided commentary on the differences between the DOL Rule and Form CRS. Read his entire commentary in Financial Advisor IQ HERE.