On April 7th, the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued two risk alerts: Examinations that Focus on Compliance with Regulation Best Interest and Examinations that Focus on Compliance with Form CRS. These risk alerts provide broker-dealers and investment advisers with advance information about the expected scope and content of the initial examinations for compliance with Regulation Best Interest and Form CRS. Regulation Best Interest and Form CRS are key components of a broad package of rules and interpretations that was adopted contemporaneously on June 5, 2019. The package is intended to enhance the quality and transparency of retail investors’ relationships with broker-dealers and investment advisers.
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