Up and Running: Day 2 Industry Responses To Reg BI

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28 October 2020


Regulation based on principle will generate uncertainty; such are the challenges of interpretation. In the case of Reg BI, the tests involved in aligning recommendations to the client’s best interest are exacerbated by the need to define the concept of the recommendation itself.

Suggesting the purchase or sale of a fund constitutes a recommendation, as does advocating a strategy or account type. But what about recommending a hold on an established position? Will brokers otherwise not subject to monitoring obligations be called onto the SEC carpet?

These questions will continue to make broker-dealers uneasy, pending interpretation by the regulator. Compounding this disquiet are the operational requirements involved in proving and documenting alignment to the client’s best interest, the complexity of which demands a center-stage role for technology.