SIFMA summarized the SEC's "Regulation Best Interest" ("Reg. BI") rulemaking package.
SIFMA explained:
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the standards of conduct for broker-dealers under Reg. BI;
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the Form CRS Relationship Summary requirement;
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the SEC's interpretation of "solely incidental" relating to the exclusion of certain broker-dealers from the definition of "investment adviser";
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the SEC's guidance on the standard of conduct for investment advisers;
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the SEC and DOL's coordination regarding the definition of "retail customer" in Reg. BI; and
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the SEC's cost-benefit analysis of Reg. BI.
Commentary /Steven Lofchie
See also our memorandum on Regulation Best Interest, Cadwalader Attorneys Analyze Regulation Best Interest Rulemaking.
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