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SEC Regulation Best Interest and Form CRS

SEC Regulation Best Interest and Form CRS

SEC Regulation Best Interest (Reg BI) compliance is an expansive regulatory challenge that impacts the fundamental business structure of financial services organizations as it creates new regulatory and compliance risks. The development of core Reg BI compliance and supervisory components will help firms address the burden of compliance departments in the broker-dealer industry.

SEC Regulation Best Interest went into effect June 30, 2020 and sets new conduct standards for broker-dealers. To ensure Reg BI compliance, broker-dealers must adhere to a package of rules and interpretive guidance directing them to act in the “best interest” of their clients. The package also includes new compliance requirements and guidance for both broker-dealers and investment advisers concerning the new obligations owed to retail investors.

How Bates Compliance Can Help:

Bates Group’s Compliance team helps firms navigate and achieve compliance with Reg BI and Form CRS, including:
  • Disclosure obligations
  • Duty of care obligations
  • Conflicts of interest obligations
  • Additional compliance obligations
We can assist you with:
  • Developing and reviewing Reg BI Client Relationship Summary (“Form CRS”)
  • Navigating additional compliance requirements for BDs and IAs
  • Understanding new SEC guidance concerning the “Solely Incidental” registration exemption of the Investment Advisers Act
  • Impact and readiness assessments
  • Conflicts of interest inventory
  • Conflicts of interest assessment
  • Product shelf reviews
  • New product approval processes
  • Drafting new policies and procedures
  • Data capture and recordkeeping
  • Reg BI and Form CRS gap analysis and risk assessment
  • Consistency reviews
  • Training for compliance and sales professionals on how to comply with Reg BI and Form CRS
  • SEC and FINRA Examination preparation and support

Regulators Have now moved on to “Phase Two,” which will mean greater scrutiny on firms.


Here's What The Regulators Are Focusing On Now:

Learn More:

Reg BI and Form CRS Webinars:

Read More:

Other News & Events:

  • Managing Director Linda Shirkey was a featured speaker at SIFMA C&L Webinar “SIFMA Reg BI Developments: Family Office Relief and New SEC Exam Priorities,” February 25, 2021
  • Manging Director Linda Shirkey spoke at NSCP Regulatory Interchange, July 24, 2020
  • “Reg BI for Litigators” Webinar, June 18, 2020
  • “Countdown to Form CRS for IAs” Webinar, April 30, 2020
  • IAA Compliance Conference, March 5-6, 2020
  • NICE Actimize Reg BI Webinar, March 4, 2020
  • AI Insight “Understanding Reg BI” Webinar, February 27, 2020
  • Managing Director Hank Sanchez spoke at Nashville, TN Compliance Roundtable, February 13, 2020
  • Managing Director Linda Shirkey Facilitated Reg BI Compliance Workshop, February 11, 2020 in Austin, TX
  • Bates Compliance spoke at the SIFMA Regulation Best Interest Vendor Forum, January 16, 2020 in New York, NY

To learn more about Reg BI and Form CRS compliance consulting support, including how your firm can improve its compliance, please contact us directly:

David Birnbaum, Managing Director - or 917-273-2682

Hank Sanchez, Managing Director, Bates Compliance - or 504-450-9632

Rory O'Connor, Director, Bates Compliance - or 860-671-7270

Discover the Difference

Our Bates Compliance team can guide you to compliance with SEC Regulation Best Interest and Form CRS.