WilmerHale Summary of Regulation Best Interest

On April 18th, the SEC voted to propose a package of three rulemakings and interpretations designed to enhance the quality and transparency of investors’ relationships with investment advisers and broker-dealers while preserving access to a variety of types of advice relationships and investment products. This summary, prepared by WilmerHale, summarizes the proposals which are:

1. Proposed Regulation Best Interest (“Reg BI”)
2. Proposed Form CRS Relationship Summary; Amendments to Form ADV; Required Disclosures in Retail Communications and Restrictions on the Use of Certain Names or Titles
3. Proposed Commission Interpretation Regarding Standard of Conduct for Investment Advisers