SEC’s Clayton: Reg BI inspections to begin as soon as rule takes effect

July 22, 2019 by Kenneth Corbin

BOSTON — If brokers were hoping for a grace period with the SEC’s new rule on advice standards, they can think again.

Once Regulation Best Interest takes effect next June, SEC and FINRA examiners plan to begin scrutinizing how firms are complying with the new rules, according to SEC Chairman Jay Clayton.

“When it’s the law, we’ll inspect against it,” Clayton told Financial Planning after a town hall-style meeting he hosted on the regulatory package at the commission’s Boston regional office.

“We’re already working with FINRA on how best to inspect and implement it,” Clayton said.

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Originally Posted at FinancialPlanning on July 09, 2019 by Kenneth Corbin.