Crunch Time Arrives for Firms Preparing to Comply With Reg BI
April 22, 2020 by Rich Blake
In less than three months, broker-dealers and their associated persons will be bound by a sweeping new standard of conduct, setting up one of the most challenging compliance feats ever attempted by securities industry professionals.
Between the sheer number of to-dos that have to be checked off and the inexorable march of the clock toward June 30, 2020 — the compliance date for Regulation Best Interest and Customer Relationship Summary (“Form CRS”) — scores of firms with broker-dealers and investment advisers are fully immersed in and consumed by implementation of these new rules.
“With the compliance deadline just around corner, many firms are certainly stressed,” said Ben Marzouk, an attorney with Washington, D.C.-based Eversheds Sutherland. “There’s still a lot of heavy lifting left to do before June 30, including drafting Reg BI and Form CRS disclosure documents and then developing the policies and procedures to document compliance with the new rules, and there is not much time in which to do it.”
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