So, after all the hubbub about how Reg BI was going to turn the brokerage industry on its head, given the new standard of conduct – more like that of a fiduciary – that it was imposing on BDs and registered reps, I’m sure everyone was as super excited as I was the week before
Reg BI
Highlights From SIFMA’s Compliance And Legal Seminar 2022
By Chris Seps on
Thanks to Chris for not only making the personal sacrifice of traveling from frigid Chicago to sunny Florida to attend the SIFMA Compliance and Legal conference last week, but for providing these helpful comments about the sessions he attended. – Alan
I attended the four-day SIFMA Compliance and Legal seminar last week, and there…
SEC 2021 Exam Priorities
By Heidi VonderHeide on
Thanks to Heidi for today’s post. – Alan
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:
Overarching Themes / Focal Points:
- Regulation
…
SEC’s Reg BI Roundtable Round-up
By Heidi VonderHeide on
On October 26, the SEC hosted a roundtable discussion during which the SEC and FINRA shared some of their observations about how firms are doing implementing Regulation Best Interest. If you missed the live presentation, it was recorded and is available here.
The discussion covered a lot of topics and, in some instances, simply…
Goodbye Suitability, Hello Best Interest. But What Does That Mean, Practically Speaking?
By Alan Wolper on
After having proudly served for decades, and surviving a dramatic face-lift in 2012 (when old NASD Rule 2310 was replaced by shiny new FINRA Rule 2111), it seems that the “suitability rule,” as we’ve come to know it, has, at long last, been quietly sent out to pasture by FINRA. Although the title of Reg…
More Thoughts On Hold Recommendations In A Reg BI World
By Alan Wolper on
I have blogged before about hold recommendations. Surprisingly – at least to me – the statistics I get from the publisher of this blog reveal that more people have read that particular post than anything else I have written since I started this thing a few years ago. That has to mean something, right? …
OCIE Offers Reg BI Examination “Study Guides” (But Not An Extension)
By Heidi VonderHeide on
Heidi is my go-to destination for all things Reg BI. Here’s a quick, but really helpful, update from her. – Alan
This week OCIE issued twin alerts relating to the upcoming implementation of Reg BI. A lot of the statements are nothing new – brief repetitions of the Regulation, the four obligations, etc. None…
Countdown Continues As SEC And FINRA Issue Additional Reg BI Guidance
By Heidi VonderHeide on
What You Can, And Should, Be Doing To Prepare For Reg BI
By Heidi VonderHeide on
My partner, Heidi VonderHeide, has busied herself these last few months learning everything she can about Reg BI. Happily, here is her post on the subject, and it doesn’t predict gloom and doom in the new year as that regulation is implemented. – Alan
Just before the Holidays, I attended FINRA’s one-day Reg BI seminar…
Reg BI Continues To Tantalize And Confuse Both The Industry And The Regulators
By Alan Wolper on
Posted in Reg BI
Between the usual holiday season madness and a recent trial, I have been a little tied up lately. Happily, Chris Seps has stepped up with this excellent piece on Reg BI. – Alan
My young boys will sometimes chase me around the house, catch me, and yell “gotcha” as they drag me off to…