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SEC Regulation Best Interest (Reg BI)

The SEC's Regulation Best Interest (Reg BI) under the Securities Exchange Act of 1934 establishes a "best interest" standard of conduct for broker-dealers and associated persons when they make a recommendation to a retail customer of any securities transaction or investment strategy involving securities, including recommendations of types of accounts.

As part of the rulemaking package, the SEC also adopted new rules and forms to require broker-dealers and investment advisers to provide a brief relationship summary, Form CRS, to retail investors. In addition, the SEC published interpretations concerning investment advisers’ standard of conduct under the Investment Advisers Act of 1940, and the "solely incidental" prong of the broker-dealer exclusion from the Advisers Act.

On This Page

Rules and Guidance


SEC Resources on RegBI

 

 

SEC Resources

The Securities and Exchange Commission provides information and resources on Regulation Best Interest, Form CRS and Related Interpretations.

 

 

Events


Reg BI Events

FINRA and the SEC have hosted various events related to Reg BI and Form CRS implementation, standards and other guidance. View upcoming and past events.

 

FINRA Staff Contacts

 

  • FINRA Amends Its Suitability, Non-Cash Compensation and Capital Acquisition Broker (CAB) Rules in Response to Regulation Best Interest
  • FINRA Revises Rule 4530 Problem Codes for Reporting Customer Complaints and for Filing Documents Online
  • Regulation Best Interest
  • Podcast
    As of June 30, 2020, the U.S. Securities and Exchange Commission’s Regulation Best Interest—or Reg BI—is officially in effect. What does a post implementation-date world look like? And how is FINRA working to ensure a consistent approach to examining around and enforcing the new regulation? Tune in to learn more.
    July 07, 2020
  • Virtual Conference Panel
    Attend this session to hear from OCIE, FINRA staff and industry experts as they discuss how they intend to examine and inspect for compliance with Reg BI, including a discussion of implementation challenges, frequently asked questions, and issues that are being considered.
    May 12, 2020
  • Virtual Conference Panel
    Join panelists as they discuss Regulation Best Interest and Form CRS, its impact on the industry and effective practices to help broker-dealers manage their obligations.
    May 06, 2020
  • Blog Post

    FINRA hosted a Regulation Best Interest (Reg BI) conference on Dec.18, 2019 in Washington, D.C. for firms to discuss best practices and approaches. Approximately 500 compliance officers and other industry participants attended the one-day event focused on assisting firms as they gear up for the June 30, 2020 compliance date for the SEC’s Reg BI and Form CRS.

    January 08, 2020
  • Podcast
    Soon brokerage firms will have to comply with a new standard of conduct when working with retail clients with the implementation of Regulation Best Interest. What is the new standard? What will firms need to do to comply? Tune in to learn more from FINRA’s Chief Legal Officer.
    October 15, 2019