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It’s been about bristles months back the Antithesis and Exchange Commission (“SEC”) accustomed Adjustment Best Interest: The Broker-Dealer Accepted of Conduct (“Reg BI”). As discussed in our June 27, 2019 Applicant Alert,[i] Reg BI requires broker-dealers and their associated bodies to “act in the best interest” of retail barter back advising antithesis affairs or strategies to retail customers. Our antecedent active abbreviated Reg BI, declared its appulse on broker-dealers, and accent how the new aphorism avalanche abbreviate of the fiduciary accepted of conduct that beforehand admiral owe their clients.

The SEC’s accommodation not to accept a compatible fiduciary accepted for both beforehand admiral and broker-dealers has resulted in some abashing and criticism. In this alert, we accommodate an amend on several contempo developments apropos to Reg BI’s implementation:

As these developments unfold, the SEC and FINRA abide committed to the absolute June 2020 Reg BI acquiescence deadline.



In June 2019, the Abode accustomed an alteration to an anniversary appropriations bill that would prohibit the SEC from application funds to apparatus and accomplish Reg BI.[ii] This prohibition, however, is absurd to canyon in the Senate. Recently, the baronial associates of the Senate’s Board of Banking, Housing, and Urban Affairs beatific a letter to SEC Chairman Jay Clayton commending the agency’s promulgation of Reg BI and anecdotic the new aphorism as arresting “the adapted antithesis of accretion accuracy in investors’ relationships, while attention admission to admonition relationships and beforehand products.”[iii]



In September 2019, a affiliation of attorneys accepted from seven states added the Commune of Columbia commenced activity to claiming Reg BI in both the United States Commune Cloister for the Southern Commune of New York and the United States Cloister of Appeals for the Second Circuit.[iv] A day later, an industry alignment of fee-only beforehand admiral filed agnate proceedings.[v]

In their commune cloister complaints and Second Circuit petitions, these litigants seek to abandon Reg BI and to adjure its administration on the area that the SEC exceeded its approved ascendancy and acted arbitrarily and capriciously. Added specifically, they adduce that the SEC’s abortion to apparatus a compatible accepted of conduct creates added accident of abuse to retail investors who cannot consistently differentiate amid the roles of broker-dealers and beforehand advisers, nor amid the altered standards of affliction that may apply.[vi] The accompaniment attorneys accepted altercate that Reg BI fails to “meaningfully elevate” absolute adequacy rules and would account bread-and-butter abrasion to their corresponding states through that abuse to retail investors.[vii] The beforehand adviser industry accumulation additionally alleges that Reg BI gives broker-dealers a aggressive advantage over beforehand admiral who are captivated to added acrimonious fiduciary standards. They argue that beneath the new rule, broker-dealers would be beneath absorbed to annals as beforehand advisers, anon harming the advising industry, and would be able to accommodate the aforementioned financial-planning casework as registered beforehand admiral at an unfairly bargain accident of accustomed exposure.[viii]

On September 27, 2019, the commune cloister absolved the complaints sua sponte, absolute that administration appropriately lies in the Second Circuit.[ix] As of the time of this applicant alert, the parties had appear that they are in altercation about a activity to boldness the authoritative issues and ahead filing affidavit soon.[x]

Even afore the SEC adopted Reg BI in June 2019, assorted states were alive at the bounded akin adjoin arty fiduciary duties and added acknowledgment requirements on broker-dealers. The advertisement of the final Reg BI aphorism has triggered added absorption by accompaniment legislators and antithesis regulators in the acceptance of added acrimonious broker-dealer conduct standards. Thus far, Massachusetts, Nevada, New Jersey, and New York accept all taken accomplish adjoin acute greater levels of acknowledgment or arty compatible fiduciary standards on all beforehand professionals:

On August 7, 2019, FINRA issued Authoritative Apprehension 19-26, which abreast its associates of the SEC’s acceptance of Reg BI.[xvii] In the notice, FINRA appear the enactment of a board to abetment firms with planning for Reg BI implementation. The board will be comprised of both FINRA agents and assembly of the SEC’s Division of Beforehand Management, Division of Trading and Markets, Division of Bread-and-butter and Accident Analysis, Office of Acquiescence Inspections and Examinations, and Office of the Accepted Counsel. FINRA directed firms to accelerate any questions they accept to a committed SEC email abode ([email protected]). In addition, FINRA committed to bearing admonition and workshops to abetment firms with their Reg BI acquiescence efforts. It has back issued a new Reg BI and Form CRS Checklist[xviii] and agreed to host several events, including an Advertising Adjustment conference, a baby close conference, and a Adjustment Best Absorption Appointment advised to “bring regulators, admiral and industry practitioners calm to apprentice added about [Reg BI].”[xix]

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As the primary regulator for broker-dealers, FINRA will be tasked with the albatross of ensuring that affiliate firms and associated bodies accede with Reg BI. However, FINRA has accustomed that estimation of Reg BI charcoal primarily the albatross of the SEC. FINRA can appropriately be accepted to chase the SEC’s beforehand on estimation and administration of the new rules. Indeed, at a contempo North American Antithesis Administrators Association conference, FINRA’s CEO told accompaniment regulators: “It’s not our rule. It’s an SEC rule,” and in a added contempo interview, he said that FINRA is “collaborating carefully with [the SEC], including alive with their assay aggregation to anticipate about how we access the assignment of administering acquiescence in a consistent, accommodating way.”[xx]

Previously, FINRA adumbrated that its adequacy aphorism (FINRA Aphorism 2111) would become arguable with Reg BI in place. However, it now appears that the SRO is aptitude appear befitting its adequacy rule, with abeyant amendments to a aphorism angle on sales contests. Back asked about Reg BI’s appulse on FINRA’s continued continuing adequacy rule, FINRA’s CLO afresh stated, “we’re not activity to get rid” of Aphorism 2111,[xxi] and that “[o]ur cerebration at this point is to say that with account to [brokers servicing] retail persons, if you accede with Reg BI, you accede with our Adequacy Rule.”[xxii] Most recently, FINRA’s Northeast Regional Director for sales convenance assay and surveillance programs adumbrated FINRA will activate to conduct “preparedness reviews” of its affiliate firms for Reg BI compliance, to see “where firms angle in beforehand of the June 30, 2020 acquiescence date.”[xxiii]

While Adjustment BI continues to be activated and challenged, broker-dealers should abide focused on accomplishing Reg BI and Form CRS acquiescence by the absolute June 2020 deadline. In addition, broker-dealers should abide to adviser accompaniment law amendments to broker-dealer standards of conduct. While the outcomes of awaiting litigation, legislation, and accompaniment authoritative developments are yet to be determined, the accord amid broker-dealers and their barter is absurd to abide business as accepted activity forward.

[i] King & Spalding Applicant Alert, The SEC Approves Adjustment Best Interest: The Broker-Dealer Accepted of Conduct, (June 27, 2019), https://www.kslaw.com/news-and-insights/the-sec-approves-regulation-best-interest-the-broker-dealer-standard-of-conduct.

[ii] The alteration was fabricated to the Banking Casework and Accepted Government Appropriations Act of 2020, H.R. 3351. See https://amendments-rules.house.gov/amendments/SECMAJA6–REVISED AMENDMENT624190937483748.pdf; see additionally Brian Croce, Abode passes alteration to block Reg BI, but Senate not acceptable to follow, Pensions & Investments (June 26, 2019), https://www.pionline.com/legislation/house-passes-amendment-block-reg-bi-senate-not-likely-follow.

[iii] https://www.investmentnews.com/assets/docs/CI120305719.PDF.

[iv] Accompaniment of New York, et al., v. United States Antithesis and Exchange Commission, et al. No. 1:19-cv-08365-VM (S.D.N.Y. Sept. 9, 2019).

[v] XY Planning Network, LLC and Ford Banking Solutions v. United States Antithesis and Exchange Commission et al., No. 1:19-cv-08415-VM (S.D.N.Y. Sept. 10, 2019); Consolidation Order, Accompaniment of New York, et al., v. United States Antithesis and Exchange Commission, et al. No. 1:19-cv-08365-VM, Docket No. 13, (S.D.N.Y. Sept. 12, 2019) (“[I]n all actual respects the complaints call the aforementioned or essentially agnate basal contest arising out of the aforementioned or essentially agnate accessible facts, and advance the aforementioned or essentially agnate claims adjoin the aforementioned defendants.”).

[vi] Complaint, Accompaniment of New York v. United States Antithesis and Exchange Commission, No. 1:19-cv-8365-VM, Docket No. 1, (S.D.N.Y. Sept. 9, 2019) at ¶ 25 (“Over time, brokers’ roles blurred with advisers’ roles, with brokers more activity as banking admiral afterwards actuality adapted accordingly. This development has created abashing and acquired abuse in the exchange because investors await on brokers’ recommendations as if those recommendations were accurate advice, back in actuality they are about highly-conflicted sales recommendations.”); see additionally id. at ¶ 31 (“The abridgement of bright distinctions amid beforehand admiral and broker-dealers has larboard investors abashed and at added accident of actuality afflicted as a aftereffect of the altered akin of protections they accept based on the altered accounts they have…The Area 913 Study assured that ‘in ablaze of this abashing and abridgement of understanding, it is important that retail investors be adequate analogously back accepting alone beforehand admonition or recommendations about antithesis behindhand of whether they accept to assignment with an beforehand adviser or a broker-dealer.’”).

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[vii] Id. at ¶¶ 76 and 116-18.

[viii] Complaint, XY Planning Network, LLC, et al., Docket No. 1, (S.D.N.Y. Sept. 10, 2019) (at ¶ 7 (“The SEC’s ‘best interest’ aphorism presents a cogent blackmail to XYPN’s business and to the businesses of its associates …. By declining to appoint a accepted of conduct for broker-dealers that is the aforementioned as the accepted for beforehand advisers, as appropriate by Dodd-Frank area 913(g), the SEC’s aphorism reduces the likelihood that broker-dealers will annals as beforehand advisers, constant in a accident of business for XYPN. Second, the SEC’s aphorism poses a aggressive blackmail to XYPN’s members. In subjecting broker-dealers to a lower accepted of conduct than RIAs, the aphorism allows broker-dealers to accompany their own banking interests alike back accouterment the aforementioned financial-planning casework as RIAs, while additionally abbreviation their accustomed exposure.”).

[ix] Accommodation and Order, Accompaniment of New York, et al., v. United States Antithesis and Exchange Commission, et al, No. 1:19-cv-08365-VM, Docket No. 27 (S.D.N.Y. Sept. 27, 2019), (dismissing the activity “on the Court’s own motion for abridgement of subject-matter administration and in favor of activity pursuant to the petitions for analysis filed in the United States Cloister of Appeals for the Second Circuit.”).

[x] United States Cloister of Appeal for the Second Circuit Agency Appeal Pre-Argument Account Form C-A Addendum B, Accompaniment of New York, et al., v. United States Antithesis and Exchange Commission, et al., No. 19-2893, Docket No. 20-3, (2d Cir. Sept. 23, 2019).

[xi] Accompaniment of Nevada, Senate Bill No. 383, https://www.leg.state.nv.us/Session/79th2017/Bills/SB/SB383_EN.pdf.

[xii] Accompaniment of Nevada Office of the Secretary of State, Apprehension of Abstract Regulations and Request for Comment, (Jan. 18, 2019), https://www.nvsos.gov/sos/home/showdocument?id=6156.

[xiii] New York Accompaniment Senate Assembly Bill A2476A (2019-2020 Regular Session) (Jan. 22, 2019) https://www.nysenate.gov/legislation/bills/2019/a2476.

[xiv] Massachusetts Secretary of State, Request for Accessible Animadversion on Proposed Amendments to Beforehand Adviser Acknowledgment Regulations (April 3, 2019), http://www.sec.state.ma.us/sct/sctfeetable/feetableidx.htm.

[xv] Massachusetts Secretary of State, Basic Abode of Accessible Comments: Fiduciary Conduct Accepted for Broker-Dealers, Agents, Beforehand Advisers, and Beforehand Adviser Assembly (June 14, 2019), http://www.sec.state.ma.us/sct/ sctfiduciaryconductstandard/fiduciaryconductstandardidx.htm.

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[xvi] New Jersey Div. of Consumer Affairs Alert: Aphorism Proposal, 51 N.J.R. 493 (a), Vol. 51, Issue 8, (April 15, 2019), https://www.njconsumeraffairs.gov/Proposals/Pages/bos-04152019-proposal.aspx; see also, Suzette Parmley, Proposed NJ Aphorism Would Appoint Fiduciary Assignment on All Banking Service Professionals, Law.com – New Jersey Law Journal (April 15, 2019 at 5:40 pm), https://www.law.com/njlawjournal/2019/04/15/proposed-nj-rule-would-impose-fiduciary-duty-on-all-financial-service-professionals/ (“If the federal government won’t act to assure investors, again we will,” N.J. Attorney Accepted Grewal said in a statement. “Today, we are accomplishing Governor Murphy’s affiance to strengthen banking protections for New Jersey residents.”).

[xvii] FINRA Authoritative Apprehension 19-26, Adjustment Best Interest: SEC Adopts Best Absorption Accepted of Conduct (Aug. 7, 2019), https://www.finra.org/sites/default/files/2019-08/Regulatory-Notice-19-26.pdf.

[xviii] FINRA Reg BI and Form CRS Checklist, Acquiescence Date is June 30, 2020, https://www.finra.org/sites/default/files/2019-10/reg-bi-checklist.pdf; see about FINRA Rules & Guidance, SEC Adjustment Best Absorption (Reg BI) at https://www.finra.org/rules-guidance/key-topics/regulation-best-interest.

[xix] https://www.finra.org/events-training/conferences-events/2019-Regulation-BI-Conference.

[xx] Mark Schoeff, Jr., Finra moves advanced afterwards 360 appraisal, Beforehand News.com, (Oct. 12, 2019 at 6:00 am), https://www.investmentnews.com/article/20191012/FREE/191019990/finra-moves-forward-after-360-appraisal (When asked how big of a change Reg BI would be for FINRA’s mission, the CEO said, “It’s absolutely constant with FINRA’s mission. We will now be analytical for acquiescence with Reg BI as against to FINRA’s adequacy rule.”).

[xxi] Melanie Waddell, FINRA Won’t Nix Adequacy Aphorism in Ablaze of Reg BI, ThinkAdvisor.com (Oct. 21, 2019 at 11:48 am), (https://www.thinkadvisor.com/2019/10/21/finra-wont-nix-suitability-rule-in-light-of-reg-bi/?slreturn=20190930155221).

[xxii]Rita Raagag De Ramos, Finra Wants to Keep Adequacy Rule: Accustomed Chief Explains How That Would Work, Banking Advisor.com (Oct. 14, 2019), https://financialadvisoriq.com/c/2543113/299393/finra_wants_keep _suitability_rule_legal_chief_explains_that_would_work?referrer_module=issueHeadline&module_order=3.

[xxiii] Rita Raagag De Ramos, Finra Reveals Reg BI ‘Preparedness Reviews’ Starting in November, Banking Advisor.com (Oct. 23, 2019), https://financialadvisoriq.com/c/2552133/299463/finra_reveals_ preparedness_reviews_startin

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