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April 03, 2024 at 09:19 AM
The Securities and Exchange Commission will continue in 2025 to prioritize compliance with Regulation Best Interest in exams — with likely areas of focus to be on complex or illiquid products, according to Rina Hussain, associate director of the SEC’s broker-dealer exam program.
Speaking on a panel at the Practising Law Institute’s SEC Speaks conference in Washington Tuesday, Hussain said that Reg BI will continue to be a priority “especially since we’re focused on retail investors — that will go hand in hand with that.”
It’s been four years since Reg BI took effect, Hussain added. “I think we’re still wanting to continue to evaluate how firms are doing in this [Reg BI] space and how they’re developing their compliance programs.”
Now, she explained, “we’ll move to more complex or illiquid products — products that may not be in the best interest of customers.”
Risk Alerts, Exam Priorities
Richard Best, director of the Division of Examinations, stated at the event that the agency has increased its issuance of risk alerts and “adjusted the timing” of releasing the agency’s priorities.
Vanessa Horton, co-national associate director of the investment advisor exam program, noted on the panel that the next six months will continue to be “extremely busy” for the exam division.
