While several states and a network of investment advisers have lobbed legal challenges toward the SEC’s looming new Regulation Best Interest, firms still need to develop Reg BI-compliant systems to be in place by June 30, 2020, when the new regulation takes effect.
While there is a chance implementation could be delayed due to the two lawsuits, many observers feel it is likely the SEC will prevail in court and Reg BI will take effect as scheduled.
Fi360, a Broadridge Company and a leading provider of fiduciary-related education and technology, announced Feb. 6 it is introducing a new Regulation Best Interest (“Reg BI”) training solution to better equip financial professionals to meet new requirements ahead of the implementation deadline.
Designed for broker-dealer home office personnel, their representatives and advisors in the field, the training solution aims to help individuals and corporations understand, apply and reliably comply with Reg BI needs.
The program was developed by Fi360 with legal assistance from regulatory expert Fred Reish, a partner at Drinker Biddle. The training focuses on the practical application of the regulatory requirements and can be customized to align with firm-specific compliance plans. The comprehensive training program is anchored by several key learning objectives, including:
- Understanding SEC guidance for broker-dealers and RIAs
- Overview of Form CRS, including how firms can complete it, properly deliver it to retail investors and conduct ongoing recordkeeping
- A deep dive into Regulation Best Interest, including an overview of the four key obligations: disclosure, care, conflict of interest, compliance and more
- Discussing the investment advisor’s interpretation and how to meet fiduciary requirements
Michael Muirhead, AIF, PPC, Senior Vice President, Learning and Development at Fi360, notes proper training is essential for financial professionals to comply with the evolving regulatory landscape.
“It’s important for representatives of a registered investment adviser or broker dealer to understand the Regulation Best Interest rule in order to comply with the regulatory package. It’s likely to be a stepping-stone regulatory package, so it’s essential that advisors get on board now,” Muirhead says.
Upon completion of the course, which takes anywhere between two and four hours to complete, organizations will be able to understand the substance of the SEC Regulation Best Interest rules package and much more.
“We are committed to empowering advisors to navigate the new normal while still adhering to a fiduciary standard and the prudent principles on which they base their practices,” adds Muirhead.
For more information on this course and Fi360’s other offerings for fiduciary-minded advisors and financial professionals, visit www.Fi360.com.