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April 08, 2020 at 07:41 PM
(Photo: Ronald Pechtimaldjian/ALM)
The Financial Industry Regulatory Authority said Wednesday that it will take the same approach as the Securities and Exchange Commission when reviewing broker-dealers and their associated persons for compliance with Regulation Best Interest and the Customer Relationship Summary form.
FINRA, the enforcer of Reg BI, also emphasized that it will not ignore suitability violations.
The news comes a day after the SEC’s Office of Compliance Inspections and Examinations released two Risk Alerts detailing the scope and content of exams for compliance with Reg BI and Form CRS.
According to FINRA, its exam approach “will focus primarily on assessing whether firms have made a good faith effort to establish and implement policies and procedures reasonably designed to comply with Reg BI and Form CRS.”
