SEC Means Business with Reg BI, Charges 27 Firms Over Compliance Failures

July 27, 2021 by Peter Rawlings

The Securities and Exchange Commission says it has charged 21 registered investment advisor firms and six broker-dealers over their alleged failures to timely file and deliver new Regulation Best Interest disclosure forms.

The firms settled the allegations with the regulator without admitting or denying the findings. Each agreed to a censure and to pay penalties ranging from $10,000 to nearly $100,000.

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Originally Posted at Financial Advisor IQ on July 26, 2021 by Peter Rawlings.