SEC’s OCIE Risk Alerts – Examination Focus on Compliance with Regulation Best Interest and Form CRS

On April 7, 2020, the U.S. Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) issued two companion risk alerts on compliance with Regulation Best Interest (“Reg. BI”) and Form CRS. These risk alerts provide broker-dealers and investment advisers with advance information about the expected scope and content of the initial examinations for compliance with Reg. BI and Form CRS, both of which have an upcoming compliance date of June 30, 2020. This Legal Update provides further detail.