Regulation Best Interest, Form CRS and Related Interpretations
The SEC adopted a package of rulemakings and interpretations in 2019 that were designed to enhance the quality and transparency of retail investors’ relationships with their investment advisers and broker-dealers.
Through Regulation Best Interest, a new Form CRS Relationship Summary, and two separate interpretative releases under the Investment Advisers Act of 1940, the Commission enhanced and clarified the standards of conduct applicable to broker-dealers and investment advisers. These actions were designed to help retail investors better understand and compare the services offered to them, and make an informed choice of the relationship best suited to their needs and circumstances.
Rulemaking Materials
This information includes links to rulemaking details that include final rule releases, rule proposals, public comments, mock-ups and other information released during the rulemaking process.
- Regulation Best Interest
- Form CRS Relationship Summary
- Commission Interpretation Regarding Standard of Conduct for Investment Advisers
- Commission Interpretation Regarding the Solely Incidental Prong of the Broker-Dealer Exclusion From the Definition of Investment Adviser
Guidance
This information includes various staff guidance issued to assist firms in complying with the Commission's rulemaking.
Standards of Conduct
- Staff Bulletin: Standards of Conduct for Broker-Dealers and Investment Adviser Care Obligations
- Staff Bulletin: Standards of Conduct for Broker-Dealers and Investment Advisers
Conflicts of Interest - Staff Bulletin: Standards of Conduct for Broker-Dealers and Investment Advisers
Account Recommendations for Retail Investors - Staff FAQ Relating to Investment Adviser Consideration of DEI Factors
Regulation Best Interest
- Frequently Asked Questions
- Risk Alert: Examinations That Focus on Compliance With Regulation Best Interest
- Small Entity Compliance Guide
Form CRS
- Frequently Asked Questions
- Relationship Summary Filing Workflow on IARD & Web CRD®
- Risk Alert: Examinations That Focus on Compliance With Form CRS
- Small Entity Compliance Guide
- Staff Statement by the Standards of Conduct Implementation Committee Regarding Form CRS Disclosures
Additional Information
Transcripts From Investor Roundtables Regarding Standards of Conduct for Investment Professionals
Other Resources
Last Reviewed or Updated: Nov. 19, 2024