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The SEC Provides Reminders Regarding Regulation Best Interest




In the last set of FAQ’s from the SEC regarding Reg BI, they provided some additional information and guidance regarding the new regulation that include:


  • Reg BI applies to broker-dealers that make recommendations of any securities transaction or investment strategy involving securities to retail customers

  • Reg BI also applies to limited purpose broker-dealers

  • The definition of ‘retail customer’ does not exclude high-net worth natural persons and natural persons who are accredited investors

  • A retail customer cannot waive the protections of Reg BI

  • Reg BI still applies to a recommendation to a retail customer to open a self-directed brokerage account where subsequent recommendations will not be provided

  • Forgivable loans are typically conserved conflicts of interest under Reg BI.