Other - JUNE 30, 2020

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FSI applauds development and rollout of SEC’s Regulation Best Interest as crucial new rule goes into effect

by Released

With the arrival of the June 30 implementation date for the Securities and Exchange Commission’s (SEC) new Regulation Best Interest (Reg BI), the Financial Services Institute (FSI) applauds the Commission for establishing a workable, universal standard of care that applies to all financial advisers, regardless of their business model.

“We commend the Securities and Exchange Commission on its development and rollout of Regulation Best Interest, which we have supported since it was proposed,” said Dale Brown, FSI president & CEO. “This critical new rule represents a tremendous step forward in protecting Main Street American investors, increasing transparency and reducing confusion as to the obligations of financial professionals. At the same time, establishing the policies, procedures and systems necessary to comply with such a sweeping change has been a significant challenge, and we commend our members and our industry for their diligent efforts to ensure a smoot

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