Regulation Best Interest (Reg BI) and Form CRS Firm Checklist

FINRA is providing this checklist to help members assess their obligations under the SEC’s Regulation Best Interest (Reg BI) and Form CRS Relationship Summary (Form CRS). The checklist is not a substitute for any rule. Only the rule can provide definitive information regarding its requirements. Interpretive questions should be directed to the SEC, at [email protected]. You should carefully review the rules and related guidance, including the SEC releases, Small Entity Compliance Guides, FAQs, and Staff Bulletins, which provide important information on these obligations.1

FINRA Compliance Tools Disclaimer

This optional tool is provided to assist member firms in fulfilling their regulatory obligations. This tool is provided as a starting point, and you must tailor this tool to reflect the size and needs of your firm. Using this tool does not guarantee compliance with or create any safe harbor with respect to FINRA rules, the federal securities laws or state laws, or other applicable federal or state regulatory requirements. This tool does not create any new legal or regulatory obligations for firms or other entities.

Updates

This tool was last updated on October 18, 2023. This tool does not reflect any regulatory changes since that date. FINRA periodically reviews and updates these tools. FINRA reminds member firms to stay apprised of new or amended laws, rules and regulations, and update their WSPs and compliance programs on an ongoing basis.

Additional resources relating to Reg BI and Form CRS are available at FINRA’s SEC Regulation Best Interest Key Topics page.

FINRA Staff Contacts

Jim Wrona, Joseph P. Savage, and Alicia Goldin
Office of General Counsel
1700 K Street, NW
Washington, DC 20006
(202) 728-8000
 

Reg BI and Form CRS Firm Checklist

 

 

1. Reg BI is codified as Securities Exchange Act of 1934 (SEA) Rule 15l-1 and the Form CRS requirements are codified as SEA Rule 17a-14 (see also Instructions to Form CRS). The SEC’s releases for Reg BI, Form CRS, Interpretation of Solely Incidental and Interpretation of Investment Advisers’ Obligations and related Small Entity Compliance Guides, FAQs, Staff Bulletins and other materials are available at Regulation Best Interest, Form CRS and Related Interpretations.