October 3, 2022

Volume XII, Number 276


October 03, 2022

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SEC Staff to Host Roundtable on Regulation Best Interest and Form CRS on October 26

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.

Regulation Best Interest and Form CRS went into effect September 10, 2019 and were designed to address the obligations of broker-dealers and investment advisers when they provide recommendations or investment advice to retail investors. Regulation Best Interest enhanced the broker-dealer standard of conduct beyond existing suitability obligations and requires broker-dealers, among other things, to act in the best interest of a retail customer when making a recommendation of any securities transaction or investment strategy involving securities. Form CRS is a relationship summary designed to help retail investors make informed choices regarding whether a brokerage or investment advisory relationship, as well as whether a particular broker-dealer or investment adviser, best suits their particular needs and circumstances.

The roundtable will discuss initial observations from SEC and FINRA staff for Regulation Best Interest and Form CRS. Participants will include staff from the Office of Compliance Inspections and Examinations, the Division of Trading and Markets and the Division of Investment Management. The roundtable will be held by remote means, will be open to the public via live webcast and will take place from 1:00 p.m. to 3:00 pm (ET). Further details on the agenda and participants will be forthcoming.

A copy of the SEC’s press release is available here.

©2022 Katten Muchin Rosenman LLPNational Law Review, Volume X, Number 276

About this Author

Susan Light, Katten Law Firm, Finance Law Attorney, New York

Susan Light focuses her practice on financial services regulatory matters. She counsels broker-dealers, hedge funds, investment banks and financial services clients on enforcement issues involving the Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), other self-regulatory organizations (SROs) and state and federal regulatory authorities. She has particular experience related to sales practice issues, financial and operational issues, anti-money laundering, crowdfunding, cybersecurity, and cryptocurrencies.

Michael T. Foley, Katten, Lawyer, Finance, FINRA, Chicago
Special Counsel

Michael Foley represents broker-dealers, investment advisers and other financial services industry participants with respect to a broad spectrum of legal and regulatory matters arising under the federal securities laws.

Michael has nearly 20 years of experience in private practice and in-house at both a large, full-service broker-dealer and at an online discount broker-dealer, advising broker-dealers and other financial institutions regarding compliance with the federal securities and commodities laws, and with the regulations of the US Securities and Exchange...


Adam Haft is an associate in the Financial Services practice.

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