Last month, the SEC adopted Regulation Best Interest for broker-dealers making recommendations to retail clients and adopted the new Form CRS requiring advisers and broker-dealers to provide standardized disclosure to retail customers. Companion releases included an interpretation of an adviser’s fiduciary responsibilities as well as the contours of the “solely incidental” exception to adviser registration for broker-dealers. The CCS team has spent the last few weeks reviewing the new regulatory information and offer the following summaries. Please feel free to contact Jay Haas, Mark DeAngelis, Suzette Hagan or Larry Clay directly if you want to ask any deeper questions.
Regulation Best Interest: The CCS Summary by Jay Haas
Form CRS: The CCS Summary by Mark DeAngelis
Fiduciary Interpretation: The CCS Summary by Suzette Hagan
“Solely Incidental”: The CCS Summary by Larry Clay