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ARTICLE · 11 JUNE 2019

SEC Adopts Final Regulation Best Interest

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At today's open meeting, the Securities and Exchange Commission adopted a final Regulation Best Interest, as well as additional guidance.

United StatesCorporate/Commercial Law
Anna T. Pinedo
Anna T. Pinedo
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At today's open meeting, the Securities and Exchange Commission adopted a final Regulation Best Interest, as well as additional guidance.

Final action relating to the broker-dealer standard of conduct had been anxiously anticipated.  The Commission noted that Regulation Best Interest enhances the standard of conduct beyond the current broker-dealer suitability standard.  In addition, the Commission adopted a requirement for a Form CRS Relationship Summary.  The Form CRS will require registered investment advisers and broker-dealers to provide retail investors with a plain English explanation about the relationship with the financial professional.

In its Fact Sheet, the Commission also noted that it "also issued an interpretation to reaffirm and, in some cases, clarify the Commission's views of the fiduciary duty that investment advisers owe to their clients under the Advisers Act.  The interpretation reflects how the Commission and its staff have applied and

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