SEC nominee Allison Herren Lee. (Photo via Twitter) SEC nominee Allison Herren Lee. (Photo via Twitter)

The Senate Banking Committee will hold a nomination hearing for Allison Herren Lee to be a new member of the Securities and Exchange Commission on June 5, the same day the SEC is set to vote on Regulation Best Interest.

President Donald Trump announced on April 2 that he had nominated Lee, who served at the SEC from 2005 to 2018 in various roles including senior counsel in the Complex Financial Instruments Unit, and as counsel to former Commissioner Kara Stein.

Lee, a Democrat, has been nominated to serve a term expiring June 5, 2022; if confirmed by the Senate, she will replace Stein, who left the commission in early January.

Democratic SEC Commissioner Robert Jackson’s term expires this year, but commissioners can stay on up to 18 months after their term expires, or until a replacement is confirmed.

Lee’s previous roles include serving as a special assistant U.S. attorney, and prior to government service, as a litigation partner at Sherman & Howard LLC in Denver.

Since leaving the SEC, she has, among other things, lectured and taught courses in financial regulation and corporate law at Universidad de Navarra in Pamplona, Spain, and LUISS Universita Guido Carli, Dipartimento di Giurisprudenza in Rome.

The SEC will decide whether to adopt Reg BI on June 5, according to an SEC meeting notice.

The commission will also decide on June 5 whether to adopt new and amended rules and forms to require registered investment advisors and registered broker-dealers to provide a brief customer relationship summary, or Form CRS, to retail investors, and whether to publish a commission interpretation of the standard of conduct for investment advisors.

The SEC will also consider whether to publish a commission interpretation of the “solely incidental” prong of section 202(a)(11)(C) of the Investment Advisers Act of 1940.

The interpretation of “solely incidental” is “a new part of the rulemaking package,” Karen Barr, president and CEO of the Investment Adviser Association, told ThinkAdvisor in a Friday email.