SEC Reg BI Involves ‘Massive Implementation’ Process: Peirce
July 1, 2019 by Melanie Waddell
SEC Commissioner Hester Peirce warned broker-dealer executives Thursday to brace for a “massive implementation” process for Regulation Best Interest, and urged attendees to alert the agency quickly to any compliance hurdles.
“As I said at the time we adopted the [Reg BI] rule, it’s a very aggressive implementation timeline,” Peirce said at the Securities and Exchange Commission and Financial Industry Regulatory Authority joint National Compliance Outreach Program for Broker-Dealers, held at the Federal Reserve Bank of Chicago.
“There are reasons,” Peirce said, for the aggressive compliance date of June 30, 2020. “We want to get this standard in place; people have been waiting for it for a long time. So it does make sense to move fast, but at the same time I know people are going to run into a lot of challenges,” she continued. “It’s a complicated area; the [Reg BI] standard itself is not that complicated, but as you can see from the 700-plus pages that accompany it, thinking about how it applies in different circumstances it is very difficult.”
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