The Financial Industry Regulatory Authority has created a Regulation Best Interest webpage to help broker-dealers comply with the Securities and Exchange Commission’s rule, and is urging broker-dealers to submit questions to the securities regulator about Reg BI and the agency’s customer relationship summary, Form CRS, to [email protected]
In Regulatory Notice 19-26, issued Wednesday, FINRA also states that it will produce written and online content to assist firms, as appropriate, and that the broker-dealer self-regulator plans to hold in-person meetings and workshops to assist firms with their implementation efforts.
These initiatives, FINRA states, will be announced via “various communication channels, including website announcements and emails to firms.”
A staff committee with representatives from the SEC’s Division of Investment Management, Division of Trading and Markets, Division of Economic and Risk Analysis, Office of Compliance Inspections and Examinations and Office of the General Counsel was set up to assist firms with planning for implementation of the new rules.
Firms “were encouraged to actively engage with this committee as questions arise in planning for implementation,” the Notice states, and can do so via [email protected]
FINRA will be the enforcer of Reg BI.
FINRA’s Reg BI webpage also states that FINRA will review its “rules to see whether changes are needed to align FINRA rules with the SEC’s rulemaking,” and that any proposed changes will be filed with the SEC for public comment and available on FINRA’s website.