The Securities and Exchange Commission on Monday confirmed the June 30 compliance date for its Regulation Best Interest (Reg BI) rule, in addition to sharing a handful of areas that deserve attention when making recommendations to investors in accordance with new policy.
SEC Chairman Jay Clayton had said at the start of April that Reg BI wouldn’t be delayed amid the coronavirus pandemic, citing his belief that the rule is more important now than ever given the circumstances brought by the ongoing crisis. “Our work across the Commission over the past several months has strengthened my view that the effects of the COVID-19 pandemic weigh substantially in favor of implementing the Reg BI and Form CRS requirements as soon as practicable,” Clayton reiterated in Monday’s announcement.
