The Securities and Exchange Commission plans to issue a final rule on its advice standards package for broker-dealers and investment advisors by September 2019, according to the agency’s regulatory agenda.

The multi-pronged package includes the proposed changes to the agency’s Form Customer Relationship Summary, or Form CRS; amendments to Form ADV, along with required disclosures to retail communications and restrictions on the use of certain titles; Regulation Best Interest; and the securities regulator’s interpretation regarding standard of conduct rules for investment advisors as well as a request for comment on enhancing advisor regulation.

Ed Mills, policy analyst for Raymond James, said the anticipated finalization of the package “is later than what was expected,” adding that final implementation won’t likely occur until late 2020 or early 2021.

“The SEC proposal has come under some industry scrutiny for lack of clarity and could be adjusted over the coming year,” Mills said.

Final action is also expected next September, the agency projects in its fall 2018 reg agenda, for a new exchange-traded fund rule to allow certain ETFs to operate without first obtaining exemptive orders from the commission.

The agency also notes that it is considering recommending that the commission propose rules intended to provide variable insurance products investors with more user-friendly disclosure and to improve and streamline the delivery of information about variable insurance products through increased use of the internet and other electronic means of delivery.