Compliance Professionals Emphasize the Significance of SEC Reg BI Bulletins in Examinations

Posted on May 30th, 2023 at 3:03 PM
Compliance Professionals Emphasize the Significance of SEC Reg BI Bulletins in Examinations

From the desk of Jim Eccleston at Eccleston Law 

Securities and Exchange Commission (SEC) top compliance officials recently announced that the Regulation Best Interest (Reg BI) bulletins will be used in future exams.

According to ThinkAdvisor, the bulletins have no formal legal effect. However, Evan Charkes, managing director and associate general counsel for Bank of America, shared that the bulletins still should be taken seriously.

Charkes added that the bulletins guide the SEC and the Financial Industry Regulatory Authority (FINRA) examiners. Peggy Ho, senior vice president and general counsel for Commonwealth Financial, told ThinkAdvisor described the bulletin as a valuable tool that should be examined in conjunction with Reg BI. She referred to the bulletin as a roadmap for what examiners will likely focus on during examinations.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory and disciplinary matters.

Tags: eccleston, eccleston law

Return to Archive

TESTIMONIALS

Previous
Next

Jim, Stephany and the whole team were a God send.  We felt like we were put into a situation where we had no advocate. Jim’s team came in with a strong, well laid out strategy on how to get our story heard. Where our outside compliance company had no ability to help, our Broker Dealer was impenitent, and the regulators were aggressive pursuing vague rules, Jim came like a barricade against an assault we did not understand. Though you pay member dues to be affiliated with FINRA and a B/D, you have no voice. The only thing that is truly heard in this un-level playing field is a bulldog’s bark like Jim’s. I would encourage anyone to call Jim and his team to find a real ally in the tough and complicated world of securities regulation. They are truly the best.

Greg P.

LATEST NEWS AND ARTICLES

May 8, 2025
All 50 States Now Aligned on Annuity Sales Standards

The annuity industry officially has secured uniformity in sales regulations across all 50 states.

May 7, 2025
Jury Finds Investment Advisor Liable for Failing to Disclose Annuity Commissions

A federal jury in Massachusetts has found investment adviser Jeffrey Cutter and his firm, Cutter Financial Group, liable for violating federal securities law by failing to disclose significant upfront commissions and conflicts of interest related to an annuity replacement scheme.

May 6, 2025
SEC Charges Three Individuals in $284 Million Arizona Sports Complex Bond Fraud by Legacy Cares

The Securities and Exchange Commission has filed a civil enforcement action against Randall “Randy” Miller, Chad Miller, and Jeffrey De Laveaga for allegedly defrauding investors in two municipal bond offerings that raised $284 million.