The SEC'sRegulation Best Interest (Reg BI) under the Securities Exchange Act of 1934establishes 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
- Events
- Contacts
Rules and Guidance
SEC Resources
The Securities and Exchange Commission provides information and resources on Regulation Best Interest, Form CRS and Related Interpretations.
- FAQs – The SEC staff releases FAQs on Reg BI and Form CRS on a rolling basis. View the SEC staff’s most recent FAQs. Updated
- SEC Staff Bulletin:Standards of Conduct for Broker-Dealers and Investment Advisers Care Obligations (April 20, 2023)New
- Risk Alert: Observations from Broker-Dealer Examinations Related to Regulation Best Interest (January 30, 2023)
- SEC Staff Bulletin: Standards of Conduct for Broker-Dealers and Investment Advisers Conflicts of Interest (August3, 2022)
- Regulation Best Interest & Form CRS
- SEC Staff Bulletin: Standards of Conduct for Broker-Dealers and Investment Advisers Account Recommendations for Retail Investors (March 30, 2022)
- SEC Staff Statement by the Standards of Conduct Implementation Committee Regarding Form CRS Disclosures (December 17, 2021)
- SEC Press Release: SEC Charges 27 Financial Firms for Form CRS Filing and Delivery Failures (July 26, 2021)
- Statement on Recent and Upcoming Regulation Best Interest Examinations from the SEC Division of Examinations (December 21, 2020)
- SEC No-Action Letter to Securities Industry and Financial Markets Association (December 23, 2020)
FINRA Resources
- 2024 FINRA Annual Regulatory Oversight Report (January 9, 2024) New
- FINRA Statement on SEC’s OCIE Risk Alerts for Reg BI and Form CRS(April 8, 2020)
- Reg BI Preparedness Reviews Report(April 8, 2020)
- Reg BI and Form CRS Checklist(October 18, 2023)
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.
- 2023 FINRA Annual Conference
- FINRA Unscripted Podcast
- Regulation Best Interest and Form CRS: Two Years In|June 28, 2022
- 2022 FINRA Annual Conference
- Session: Regulation Best Interest: Lessons Learned | Recorded May 17, 2022
- 2021 FINRA Annual Conference
- Session: Regulation Best Interest and Form CRS: Recent Observations and What to Expect | Recorded May 20, 2021
- 2021 FINRA Small Firm Virtual Conference
- Session: Regulation Best Interest and Form CRS | Recorded October 28, 2021
- SEC Reg BI Roundtable | October 2020
- Available on the SEC Reg BI/Form CRS page
- James S. Wrona, Vice President and Associate General Counsel, Office of General Counsel (OGC);
- Alicia F. Goldin, Associate General Counsel, OGC; or
- Joseph P. Savage, Vice President and Counsel, OGC.
