SEC - Regulation Best Interest - Reg BI

  • FINRA - Reg BI - [link]
  • 2008 - Report - Rand - SEC - Investor and Industry Perspectives on Investment Advisers and Broker-Dealers, Sponsored by the United States Securities and Exchange Commission - 228p
  • 2011 - Report - SEC - Study on Investment Advisers and Broker-Dealers, As Required by Section 913 of the Dodd-Frank Wall Street Reform and Consumer Protection Act - 208p
  • reginfo.gov/public/do/eAgendaViewRule?pubId=201810&RIN=3235-AM35
  • 2018 0418 - SEC - Regulation Best Interest Proposed Rule - 408p
    • 17 CFR Part 240 - Release No. 34-83062; File No. S7-07-18 - RIN: 3235-AM35
    • SUMMARY: We are proposing a new rule under the Securities Exchange Act of 1934 (“Exchange Act”) establishing a standard of conduct for broker-dealers and natural persons who are associated persons of a broker-dealer when making a recommendation of any securities
      transaction or investment strategy involving securities to a retail customer
  • 2018 - SEC - Comments on Proposed Rule: Regulation Best Interest - [Release No. 34-83062; File No. s7-07-18] - sec.gov/comments/s7-07-18/s70718.htm
  • 2018 0430 - SEC - Memorandum from the Office of Commissioner Hester M. Peirce regarding an April 30, 2018, meeting with representatives of the Institute for the Fiduciary Standard - 26p
    • It appears the industry is coming in this direction on the brokerage front. There is a great awareness of the importance of conflicts.
      • However, in insurance, there has not been much change from how it was twenty years ago.
  • 2018 0803 - ACLI - SEC - Re: Proposed Regulation Best Interest (“Reg. BI”) - 85p
    • 2 Since 2007, ACLI submitted input on four SEC actions concerning broker-dealers and investment adviser standards of conduct, including:
      • ACLI’s response to the SEC Chairman’s Request for Information about Standards of Conduct for
        Broker-Dealers and Investment Advisers (Oct. 3, 2017) found at https://www.sec.gov/comments/ia-bdconduct-standards/cll4-2640466-161282.pdf.
      • ACLI’s July 5, 2013 Submission in response to the SEC’s Request for Data and Information on Brokers,
        Dealers and Investment Advisers;
      • ACLI’s August 30, 2010 Submission in response to the SEC’s request for information on its Study on the Responsibilities of Brokers, Dealers, and Investment Advisers in fulfillment of Section 913 of the Dodd-Frank Act; and
      • ACLI’s December 13, 2007 Submission in response to the RAND Study on Broker-Dealer and Investment Advisory Issues.
    • ACLI’s RAND Study Submission (and those of other commentators) does not appear to be available on the SEC’s website or through RAND.
      • The RAND report included scant, if any, reference to the role life insurance Reg. BI regarding appropriate conduct standards for broker-dealers.
      • Our submission focuses on this initiative from the perspective of life insurers, their products, their distributors and their customers to ensure the regulation provides an inclusive, business model neutral framework that helps Americans achieve financial and retirement security.
      • We will also offer comments separately on Proposed Form CRS3 and the SEC’s Proposed Interpretation for Investment Adviser Standards of Conduct4 and its request for input on related questions. 
  • 2018 0926 - GOV (House) - Oversight of the SEC’s Division of Investment Management, Bill Huizenga (R-MI)
    • [PDF-43p, [VIDEO-YouTube - 01:40:14 - Starts at 31:00]
    • SEC - Dalia Blass, Director, Division of Investment Management - Testimony - p26-43
      • (p36) - Variable Insurance Product Summary Prospectus
        • Investors in variable annuities and other variable insurance products often have to navigate a complex set of disclosures about the variable contract and underlying investment options when deciding whether to invest.
        • The Division is considering a recommendation that the Commission propose rules designed to provide investors with more user-friendly, layered disclosure about variable insurance products.
        • Variable insurance products are generally more complex than other retail investment products, like mutual funds, because they combine both investment and insurance features.
        • In addition, the products typically offer a number of underlying fund investment options that have their own fees, and often include a variety of optional features, like living benefit riders that have additional charges.
        • The Division is considering whether to recommend a new summary prospectus that would help investors better understand these products' costs and risks, and also produce cost savings that could be passed on to investors. 
    • (p1) - Huizenga - variable insurance products
    • Relationship Summary
    • financialservices.house.gov/calendar/eventsingle.aspx?EventID=408963
  • 2019 1212 - CRS - Regulation Best Interest (Reg BI): The SEC’s Rule for Broker-Dealers (R46115) - Version 1 - 29p
  • 2019 0314 - GOV (House) - Putting Investors First? Examining the SEC's Best Interest Rule, Carolyn B. Maloney (D-NY)
  • 2019 0605 - SEC - Regulation Best Interest: The Broker-Dealer Standard of Conduct - Final rule - 770p
    • 17 CFR Part 240, Release No. 34-86031; File No. S7-07-18
      RIN 3235-AM35