On April 7, 2020, the U.S. Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (“OCIE”) issued two companion risk alerts on compliance with Regulation Best Interest and Form CRS. In the press release accompanying these risk alerts, OCIE stated that these alerts are intended to provide broker-dealers and investment advisers with advance information about the expected scope and content of the initial examinations for compliance with Reg. BI and Form CRS, both of which have an upcoming compliance date of June 30, 2020.
A closer look at issues raised in these risk alerts, along with certain takeaways, can be found in the following Mayer Brown Legal Update:
SEC’s OCIE Risk Alerts – Examination Focus on Compliance with Regulation Best Interest and Form CRS (authored by Marlon Paz, Stephanie Monaco, Kyle Swan with Leslie Cruz, Adam Kanter and Peter McCamman).
If you have any questions about the issues raised in this Legal Update or would like assistance with SEC regulatory or other related matters, please contact any of the above attorneys or any member of our Broker-Dealer or Investment Management practices.