The Financial Industry Regulatory Authority is taking a two-pronged approach to reviewing how to potentially revamp its rulebook in light of the Securities and Exchange Commission’s Regulation Best Interest, according to the broker-dealer self-regulator’s CEO, Robert Cook.
The first phase, Cook told attendees during a Q&A session at the Financial Services Institute’s 2019 Forum in Washington Tuesday, includes assessing if there are aspects of FINRA’s rules that need to be clarified or changed “now in order to get rid of any perceived or actual obstacles to implementation” of Reg BI.
Cook noted, however, that any potential rule change would have to go through a public comment process.
FINRA will be the enforcer of Reg BI.
The first phase, Cook said during the Q&A with Financial Services Institute President and CEO Dale Brown, could likely be completed “well before” Reg BI’s June 30, 2020, compliance date.