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April 02, 2020 at 02:05 PM
SEC Chairman Jay Clayton (Photo: Andrew Harrer/Bloomberg)
The Securities and Exchange Commission said Thursday that it will not extend the June 30 compliance date for Regulation Best Interest and the Customer Relationship Summary form.
The agency believes firms with account relationships comprising “a substantial majority of retail investor assets have made considerable progress” in adjusting their business practices, supplementing and modifying their policies and procedures, and otherwise aligning their operations and preparing for compliance with Reg BI and Form CRS, SEC Chairman Jay Clayton said in a statement.
Based on the securities regulator’s engagement over the past 10 months with the industry “and because the continued implementation of these conduct and transparency initiatives, individually and collectively, will significantly benefit Main Street investors — we believe that the June 30, 2020 compliance date for Reg BI and other requirements, including the requirement to file and begin delivering Form CRS, remains appropriate,” Clayton said.
Firms, he continued, “should continue to make good-faith efforts around operational matters to ensure compliance” by June 30, including devoting resources as necessary and available in light of the circumstances, Clayton said.
