On March 3, the Securities and Exchange Commission’s Division of Examinations announced its examination priorities for 2021. These priorities include a greater focus on climate-related risks, conflicts of interests for brokers and investment advisers, and attendant risks related to FinTech.
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Form CRS
2021 Report on FINRA’s Examination and Risk Monitoring Program
By Susan Light on
Posted in Broker-Dealer
On February 1, the Financial Industry Regulatory Authority (FINRA) published its 2021 Report on FINRA’s Examination and Risk Monitoring Program (Report). The annual Report summarizes various findings and observations from recent FINRA examinations of its member firms on a range of topics and notes certain areas of the future focus of FINRA examinations in 2021.
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SEC Issues No-Action Letter Regarding Institutional Family Offices
By Susan Light & Timothy D. Kertland on
Posted in Broker-Dealer
On December 23, 2020, the Securities and Exchange Commission issued a no-action letter regarding family offices and Regulation Best Interest.
Specifically, the SEC staff indicated that the SEC would not treat Institutional Family Offices as “retail customers” for broker dealers for purposes of Regulation Best Interest and broker dealers’ Form CRS. An Institutional Family Office…
SEC Staff to Host Roundtable on Regulation Best Interest and Form CRS on October 26
Posted in Broker-Dealer
On September 28, the Securities and Exchange Commission announced that it will hold a roundtable on October 26 at which staff from the SEC and the Financial Industry Regulatory Authority (FINRA) will discuss initial observations on the implementation of Regulation Best Interest and Form CRS.
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SEC Chairman Clayton Provides Public Statement Regulation Best Interest and Form CRS
By Susan Light, Michael T. Foley & Stanley V. Polit on
Posted in Broker-Dealer
On June 15, Securities and Exchange Commission Chairman Jay Clayton made a public statement (Statement) covering several topics related to Regulation Best Interest (Reg BI) and Form CRS. Chairman Clayton confirmed that the compliance date for Reg BI and Form CRS will be June 30, 2020 and emphasized the SEC’s focus on issues related to Main Street investors, including the creation of a new investor-focused resource to assist such investors with reviewing the Form CRS and researching firms and financial professionals.
Continue Reading SEC Chairman Clayton Provides Public Statement Regulation Best Interest and Form CRS