Kevin S. Woodard

SEC Roundtable to Discuss Reg BI and Form CRS

October 21, 2020Insight
3rd Quarter Investment Advisers Newsletter

The SEC has announced it will host a roundtable of SEC and FINRA staff to discuss initial observations on Regulation Best Interest and Form CRS implementation. The roundtable, which will be held virtually, will take place Oct. 26, 2020, and discuss how firms have met the new rules and requirements since the compliance deadline.  According to SEC Commissioner Caroline Crenshaw, two main areas of concern are making sure firms are held accountable when they fail to properly mitigate conflicts of interest, and that Form CRS actually provides “valuable” information to clients or potential clients. Another area which will likely be discussed is whether firms are properly disclosing legal and disciplinary history on Form CRS.