Expect 2022 to be the year for Reg BI enforcement (ThinkAdvisor)

Firms should begin preparing now for heightened Regulation Best Interest (Reg BI) oversight. The SEC has already stated that during exams in 2021 it identified non-compliance with Reg BI and Form CRS. This type of statement from the SEC would seem to foreshadow enforcement actions for 2022, explains Amy Lynch, FrontLine’s Founder and President. Ms. Lynch advises that firms use the time now to review and update their Form CRS to meet the requirements described by the SEC’s statement and instructions to the form. She notes that since firms are also completing updates to their Form ADV for Q1, it would be timely to assess Form CRS disclosures and make any necessary changes. See ThinkAdvisor, “Expect Reg BI Enforcement Actions, DOL Rollover Crackdown in 2022“