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Date for Reg BI Remains Unchanged

Friday, April 3, 2020

Ramifications related to COVID-19 have spread far and wide. They range from only “essential business” remaining open to how we buy groceries and other goods to an extension for filing taxes with the IRS. On Thursday, the Securities and Exchange Commission (SEC) issued a press release that included information regarding Regulation Best Interest (Reg BI) and Form CRS.

The key takeaway is that the compliance date for Reg BI and the requirement to file and begin delivering Form CRS remain UNCHANGED. SEC Chairman Jay Clayton stated, “we believe that the June 30, 2020 compliance date for Reg BI and other requirements, including the requirement to file and begin delivering Form CRS, remains appropriate.”

Firms need to continue to make good faith efforts to help ensure compliance by June 30, 2020. If you are experiencing disruption due to COVID-19, which would include compliance with national, state, and local health and safety directives, you are encouraged to engage with the SEC.  Clayton continues to say, “I expect that the Commission and the staff will take the firm-specific effects of such unforeseen circumstances (and related operational constraints and resource needs) into account in our examination and enforcement efforts.”

Please keep in mind that while our main office remains closed, our team continues to operate from remote locations and are readily available to assist you.


About Red Oak Compliance Solutions

Red Oak Compliance Solutions is the global advertising review software of choice in the financial services industry. It is a comprehensive suite of SEC 17A-4 compliant features that are 100% books and records compliant and provides clients with 35% faster approvals and 70% fewer touches or better. We also offer Smart Review(SM), which solves for the storage and maintenance of disclosures, helping firms reduce risk, decrease review times, and increase the speed of distribution of marketing materials. Smart Registration(SM) automates the licensing and registration management process to help reduce regulatory risk and time spent on manual processes. Overall, Red Oak allows firms to minimize risk, reduce costs, and increase compliance review process effectiveness and efficiencies.

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