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Law Firms Weigh in on the SEC’s Reg BI

Regulatory Compliance

In the two weeks since the Security and Exchange Commission approved the final version of its Regulation Best Interest, many oƒ the nation’s leading retirement and financial compliance law firms have posted white papers, alerts and blog posts parsing the rule.

Here’s an annotated list of our favorites so far:

  • Drinker Biddle – “The Final REG BI Package: What to Know and What’s Next” (posted June 12). Fred Reish and four other attorneys provide context, commentary and analysis of the four-part rule and Form CRS.
  • Spencer Fane – Four blog posts by Beth Miller – accessible here – summarize the Reg BI, adviser standard of conduct, Form CRS and BD exclusion (posted June 10-12).
  • Ferenczy Benefits Law Center – “Regulation Best Interest and More… a Present to Investors from the SEC” (posted June 11). This first of a planned series of “Ferenczy FlashPoint” posts by S. Derrin Watson lays the groundwork with a summary of the rule’s elements and their purpose.
  • Wagner Law Group – “SEC Issues Final Regulation BI” (posted June 7). This first in a planned series of posts takes an in-depth look at the Reg BI portion of the rule and summarizes the other three elements.
  • McGuireWoods – “SEC Adopts Regulation Best Interest” (posted June 7). Two attorneys specializing in securities regulation profile the four-part rule and offer initial practical considerations.
  • Cadwalader – “SEC Adopts Regulation Best Interest” (posted June 8). Four attorneys from the firm’s Financial Services Group in New York take a relatively deep dive into the final rule, including footnotes, detailed suggestions for compliance actions, and a redlined document showing changes from the proposed rule.
  • K&L Gates – “SEC Adopts Broker-Dealer Best Interest Standard, Disclosure Duties for Broker-Dealers and Investment Advisers, and Publishes Key Interpretations” (posted June 6). Five attorneys from the firm’s Investment Management, Hedge Funds and Alternative Investments practice lay the foundation for an ongoing series of posts about the rule, reporting on the SEC’s June 5 meeting and summarizing the four components of the rule. 
  • Sidley Austin – “SEC Adopts Regulation Best Interest and Form CRS; Issues Investment Adviser Act Interpretations” (posted June 13). Comprehensive, footnoted summary of all elements of the final rulemaking.
  • Paul Hastings – “SEC Adopts Rules & Interpretive Guidance Designed to Enhance and Clarify the Obligations of Financial Professionals” (posted June 13). Comprehensive, footnoted summary of all elements of the final rulemaking, as well as a look at what’s next.
  • Morgan Lewis – “SEC Takes the Reins in Debate Over Retail Advice Standards” (posted June 14). A multidisciplinary team of four attorneys summarize the elements of rulemaking and share their initial observations about four of the most important changes.

Got a favorite analysis or post that we missed? Post a link to it in the comment box below!