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Pleading And Advocating A Negligence Claim Through The Regulation Best Interest Lens, Christine Lazaro, Michael S. Edmiston
Pleading And Advocating A Negligence Claim Through The Regulation Best Interest Lens, Christine Lazaro, Michael S. Edmiston
Faculty Publications
(Excerpt)
On June 5, 2019, the SEC adopted the Regulation Best Interest Rule Package, consisting of (i) Regulation Best Interest: The Broker-Dealer Standard of Conduct (“Reg. BI”); (ii) Form CRS Relationship Summary and Amendments to Form ADV;(iii) the SEC Interpretation Regarding Standard of Conduct for Investment Advisers; and (iv) the SEC Interpretation Regarding the “Solely Incidental” Prong of the Broker-Dealer Exclusion from the Definition of Investment Adviser. Brokers were obligated to begin compliance with Reg. BI as of June 30, 2020.
Reg. BI contains four component sections mandating duties for brokers and firms: Disclosure, Care, Conflicts of Interest, and Compliance. …