News & Analysis as of

Investors Regulation Best Interest

Bradley Arant Boult Cummings LLP

SEC Targets Broker-Dealers for Reg BI Violations

On August 11, 2025, the U.S. Securities and Exchange Commission (SEC) brought two settled administrative proceedings against a broker-dealer and one of its registered representatives for violations of Regulation Best Interest...more

Seward & Kissel LLP

Financial Services Firm Affiliates Settle Five SEC Enforcement Actions for Allegedly Misleading Customers and Failing to Act in...

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Who may be interested: Registered Investment Companies; Registered Investment Advisers; Broker Dealers; Compliance Officers; Boards of Directors - Quick Take: The SEC recently settled five separate enforcement proceedings...more

Paul Hastings LLP

SEC Examination Priorities Signal Capital Markets Enforcement

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The Securities and Exchange Commission’s Division of Examinations recently released its 2025 priorities. These identify several new or emerging areas of focus that could be precursors to enforcement actions, such as the use...more

Mayer Brown Free Writings + Perspectives

SEC Investor Advocate Report on Objectives

The Securities and Exchange Commission’s Office of the Investor Advocate recently issued its fiscal year 2025 Report on Objectives. The Report is one of two annual reports required to be filed by the Investor Advocate with...more

SEC Compliance Consultants, Inc. (SEC³)

What Advisers Need to Know Now About Giving Rollover Advice after September 23, 2024

This article was originally published on Kitces.com, on May 15, 2024, and is available at at DoL’s Retirement Security Rule & PTE 2020-02 Amendment: What Advisers Need to Know Now about Giving Rollover Advice After September...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (7): Non-Discretionary Investment Advice

The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment advice to plans, participants...more

Carlton Fields

SEC Proposal Balances AI-Like Technology Use With Investor Best Interests: Has the Regulator Picked a Winner?

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Like other savvy businesses, investment advisers and broker-dealers have increasingly embraced the use of predictive data analytics, artificial intelligence, and similar technologies (AI-like technologies) to help generate...more

Mayer Brown Free Writings + Perspectives

SEC Investor Advisory Committee Panel Discusses Digital Engagement Practices

On June 22, 2023, the Investor Advisory Committee (“IAC”) of the US Securities and Exchange Commission (“SEC” or “Commission”) held a panel discussion regarding current challenges and potential improvements to the use of...more

Faegre Drinker Biddle & Reath LLP

“Or Worse, Expelled.”

Hermione Granger (yes, from Harry Potter) is famously attributed with the following quote: “I’m going to bed before either of you come up with another clever idea to get us killed. Or worse, expelled.” Unfortunately,...more

Faegre Drinker Biddle & Reath LLP

New Year’s Priorities: FINRA Releases its 2023 Report on its Examination and Risk Monitoring Program

Yes, (somehow) it is that time of year again. FINRA recently released its 2023 Report on its Examination and Risk Monitoring Program (the “Report”). As is typical (and this blog has well-covered), it contains a mix of old and...more

Oberheiden P.C.

When Is a Trade Considered “Unauthorized”?

Oberheiden P.C. on

Allegations of unauthorized trading claims present significant risks for investment brokers and brokerage firms. In addition to investor arbitration with the Financial Industry Regulatory Authority (FINRA), brokers and...more

Amundsen Davis LLC

What the SEC’s New Strategic Plan Means for the Financial Industry and Investors

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On August 24, the Securities and Exchange Commission (SEC) released a draft of its strategic plan for 2022 – 2026, outlining its key initiatives for the next four years. The SEC’s mission is to protect investors, maintain...more

Bracewell LLP

FINRA Facts and Trends: July 2022

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Two Years Later, Regulation BI Remains a “Tremendous Priority” for FINRA - June 30th marked two years since the implementation of Regulation Best Interest (“Reg BI”) and the client relationship summary or Form CRS. Firm...more

Faegre Drinker Biddle & Reath LLP

The Convergence Continues: SEC Staff Bulletin on Standards of Conduct for B-Ds and RIAs

On March 30, 2022, the SEC issued “Staff Bulletin: Standards of Conduct for Broker-Dealers and Investment Advisers Account Recommendations for Retail Investors” (SEC Retail Standards Bulletin). This guidance builds on prior...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #70: Compliance with PTE 2020-02: Factors to Evaluate for an IRA-to-IRA Rollover...

The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: The FAQs - This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently...more

Sheppard Mullin Richter & Hampton LLP

Game On: FINRA Hints at Upcoming Gamification Sweep

During a May 19, 2021 webcast at the Financial Industry Regulatory Authority’s (“FINRA”) annual conference, Amy Sochard, FINRA’s Vice President of Advertising Regulation, indicated that the organization will seek public...more

UB Greensfelder LLP

SEC 2021 Exam Priorities

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Today, the SEC put out its 2021 Exam Priorities, available here. It is about 40 pages long and covers a lot of topics. While I encourage everyone to read through the document, here are the primary focus items for 2021: ...more

Bressler, Amery & Ross, P.C.

Key Takeaways from ABA Panel on FINRA’s 2021 Exam Findings and Regulatory Priorities

On February 17, 2021 the SRO and States Subcommittee of the ABA Securities Litigation Committee hosted a panel of senior representatives from FINRA and in-house legal/compliance departments to discuss FINRA’s 2021 Report on...more

Kilpatrick

Key Take-Aways from SEC Roundtable on Regulation Best Interest and Form CRS

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The Securities and Exchange Commission ("SEC") staff hosted a roundtable with the Financial Industry Regulatory Authority ("FINRA") on October 26, 2020, to discuss their observations on the implementation of, and compliance...more

Jones Day

Regulation Best Interest and ESG Investing: Confluence for the SEC or Consternation Under ERISA?

Jones Day on

Compliance with new Regulation Best Interest ("Regulation BI") need not prevent environmental, social, and governance ("ESG") investing, but beware of new proposed restrictions for some. As of June 30, 2020,...more

McGuireWoods LLP

SEC and FINRA Officials Speak: Regulators Discuss Enforcement, Regulatory Priorities

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Since the outbreak of COVID-19, the U.S. Securities and Exchange Commission and FINRA have led the way among regulators in providing guidance and relief to market participants as the financial industry continues to confront...more

Mintz - Securities & Capital Markets...

SEC (OCIE) Issues Risk Alerts Concerning Reg. BI

The SEC’s Office of Compliance Inspection and Examinations (OCIE) issued two risk alerts relating to Regulation Best Interest (Reg. BI). The two alerts summarize how future OCIE examinations will focus on compliance with Reg....more

Eversheds Sutherland (US) LLP

Videocast: Asset management regulation in 2020 videocast series – Complying with new SEC rules for broker-dealers

FINRA has identified several items in the SEC’s Regulation Best Interest (Reg BI) that it will examine for in the first half of 2020 as firms prepare for Reg BI compliance. In this Bottom Line videocast, Susan Krawczyk and...more

UB Greensfelder LLP

Reg BI Continues To Tantalize And Confuse Both The Industry And The Regulators

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My young boys will sometimes chase me around the house, catch me, and yell “gotcha” as they drag me off to their pretend jail. No matter how much I plead that I’ve done nothing wrong, I always end up in jail, despite having...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #18

Regulation Best Interest: Rollover Recommendations for Investment Advisers (Rollovers Part 4)- The SEC has issued its final Regulation Best Interest (Reg BI), Form CRS Rule, RIA Interpretation and Solely Incidental...more

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