United States: SIFMA Summarizes Reg. BI Rulemaking Package

SIFMA summarized the SEC's "Regulation Best Interest" ("Reg. BI") rulemaking package.

SIFMA explained:

• the standards of conduct for broker-dealers under Reg. BI;

• the Form CRS Relationship Summary requirement;

• the SEC's interpretation of "solely incidental" relating to the exclusion of certain broker-dealers from the definition of "investment adviser";

• the SEC's guidance on the standard of conduct for investment advisers;

• the SEC and DOL's coordination regarding the definition of "retail customer" in Reg. BI; and

• the SEC's cost-benefit analysis of Reg. BI.

Commentary /Steven Lofchie

See also our memorandum on Regulation Best Interest, Cadwalader Attorneys Analyze Regulation Best Interest Rulemaking.

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