On June 5, the U.S. Securities and Exchange Commission (SEC) approved its highly anticipated package of rulemakings and interpretive guidance relating to the standards of care applicable to financial professionals when making recommendations and providing investment advice to retail investors.
Included in this package was the SEC’s new Regulation Best Interest, which will likely require transformative changes for much of the retail brokerage industry.
With an effective date of June 30, 2020, what concrete steps should broker-dealers consider taking as they work toward compliance by the deadline?