SEC Regulation Best Interest and Form CRS Compliance Deadline Unchanged Despite COVID-19 Pandemic

Regulation Best Interest (Reg BI)—which sets forth a new standard of conduct for broker-dealers and their associated persons when making investment recommendations—was adopted by the SEC on June 5, 2019, and is scheduled to take effect on June 30, 2020. There was some question as to whether the SEC would push back the effective date due to the COVID-19 pandemic, but on April 2, SEC Chairman Jay Clayton issued a public statement that the SEC will hold to the June 30 deadline despite the ongoing emergency.

To read the full text of this Duane Morris Alert, please visit the firm website.

SEC Announces Reporting Relief and Issues Guidance Regarding Disclosures in Light of COVID-19

On March 25, 2020, the Securities and Exchange Commission announced that it is extending the filing periods covered by its previously enacted conditional reporting relief for certain public company filing obligations under the federal securities laws, and that it is also extending regulatory relief previously provided to funds and investment advisers whose operations may be affected by COVID-19. In addition, the SEC’s Division of Corporation Finance issued its current views regarding disclosure considerations and other securities law matters related to COVID-19.

To read the full text of this Duane Morris Alert, please visit the firm website.

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