News & Analysis as of

Policies and Procedures Regulation Best Interest Fiduciary Duty

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

Faegre Drinker Biddle & Reath LLP

Broker-Dealer Services to Plans and IRAs: Impact of the DOL Fiduciary Advice Exemption

The Department of Labor (DOL) confirmed on February 12 that the Trump-era Prohibited Transaction Exemption 2020-02 (PTE) would go into effect as scheduled on February 16, 2021. The PTE will likely affect the business of...more

Rumberger | Kirk

Implementing Reg-BI and Preparing for Examinations: The Compliance Obligation

Rumberger | Kirk on

With SEC Regulation Best Interest (“Reg-BI”) effective as of June 30, 2020, SEC examiners will now focus on whether firms have made a good faith effort to implement policies and procedures (“P&Ps”) that are necessary for...more

Troutman Pepper Locke

SEC’s Office of Compliance Inspections and Examinations Issues COVID-19 Risk Alert

Troutman Pepper Locke on

Why It Matters - Broker-dealers and investment advisers should take heed of OCIE’s guidance and assess their compliance policies and procedures accordingly. Compliance should consider, in consultation with their counsel,...more

Kilpatrick

Fiduciary Rule 2.0: What You Need to Know About the DOL's New Fiduciary Rule

Kilpatrick on

On June 29, 2020, the Department of Labor (“DOL”) announced1 its new approach to the standards for financial institutions and investment professionals who provide investment advice on a nondiscretionary basis to 401(k) plans,...more

Rumberger | Kirk

Minimizing Liability Under the SEC’s Reg-BI

Rumberger | Kirk on

Litigation Risks Posed by the SEC’s Regulation Best Interest - Pete Tepley and Meredith Lees highlight litigation risks posed by the SEC’s Regulation Best Interest (Reg-BI), litigation risks that may arise from Reg-BI’s...more

Vedder Price

SEC Adopts Rules and Interpretations Concerning the Standard of Conduct for Broker-Dealers and Investment Advisers

Vedder Price on

On June 5, 2019, the SEC adopted a package of rules and interpretations addressing standards of conduct for broker-dealers and investment advisers: • Regulation Best Interest. Regulation BI establishes a standard of...more

Orrick, Herrington & Sutcliffe LLP

The SEC’s Reg BI – A Completely New Standard or Tinkering Around the Edges?

Last week, the Securities and Exchange Commission (SEC) voted to adopt what is popularly known as “Regulation Best Interest” (often referred to as “Reg BI”). Notwithstanding the name, Reg BI is actually a package of...more

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