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Regulation Best Interest Resources

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ACA’s Broker-Dealer practice assists our clients with navigating the SEC’s Regulation Best Interest (Reg BI) through educational resources and alerts, program reviews, assistance designing and implementing a customized action plan to meet Reg BI’s requirements, and more.

Reg BI was passed by the U.S. Securities and Exchange Commission (“SEC”) on June 5, 2019 to establish a standard of conduct for broker-dealers and their associated persons. The regulation requires broker-dealers to act in the best interest of their retail customers when recommending any securities transaction or investment strategy. Broker-dealers have until June 30, 2020, to comply with these new fiduciary requirements.

How We Help

Regulatory BI Assistance

ACA’s Reg BI assistance consists of three phases:

  • Review and analyze your firm’s current practices, products, and services, to identify steps needed to address Reg BI’s requirements
  • Assist in developing a customized action plan that lists the operational and practical steps to take to comply with Reg BI by the required compliance date
  • Assist with drafting and/or reviewing the action items provided in our recommendations and help monitor the progress and status of the steps in the action plan

Process Enhancement Analysis

If your firm has already developed processes to address Reg BI, ACA can conduct an analysis to identify any enhancements that may be needed in your firm’s system to comply with the rule.

Specific Assistance

If your firm’s compliance program already addresses Reg BI, ACA can help augment your efforts with draft procedures and assistance with developing disclosures and establishing practices to monitor adherence to the rule’s requirements.

Webcast: Are You Ready for Regulation Best Interest?

This webcast breaks down the requirements of Reg BI and what it means for broker-dealers.
We discuss:

  • Approaches to Reg BI and Form CRS
    • Conflicts, Inventory, and Remediation
    • Disclosures
    • Written Procedures
  • Challenges (e.g. Use of the Term Adviser)
  • SEC and FINRA Exam Focus
  • ACA’s Reg BI Readiness Survey Results

Watch On Demand


Regulation Best Interest webcast post