IRI Law Journal - July 2019

Posted on August 9, 2019



IRI is publishing this special edition of the IRI Law Journal to provide members with easy access to client alerts, whitepapers, and other articles produced by IRI’s law firm members on Regulation Best Interest and Form CRS. Over the next 12 months, IRI will help our members analyze, interpret and prepare to implement these new rules. Eversheds Sutherland provided a detailed overview of the rules during a recent IRI webinar (replay available here), and the articles linked below offer insights and perspectives from several other leading firms.

We thank all our participating law firm members for submitting articles to be included in this special edition and appreciate their efforts.

Richard Choi and the Carlton Fields team tackle Regulation Best Interest in their recent article and outline some preliminary questions in-house counsel may have while unpacking the new regulation. The article explores a number of questions, such as how broker-dealers standard of conduct differs from investment advisors, what standard applies to dual registrants, and when the Relationship Summary must be delivered to existing clients.  Read More
Dechert SEC Adopts Enhanced Standard of Conduct for Broker-Dealers and Clarifies Fiduciary Duties of Investment Advisers

Dechert’s Financial Services Group provides a full overview of the regulatory package and dives into the care, disclosure, conflicts of interest, and compliance obligations required under Regulation Best Interest. This overview of the final rulemaking provides perspective on the entirety of the rulemaking package and provides context for what it means for the industry. Coming soon, Dechert’s Financial Services Group will provide more in-depth analysis on the issues broker-dealers and investment advisers are likely to face during  the implementation period. Read More
Drinker Biddle Partner, James F. Jorden, explores what Regulation Best Interest means for proposed state fiduciary rules and common law fiduciary duties. In doing so, he highlights the adverse effects of a patchwork regulatory system and suggests precedents that recent state attempts to classify broker-dealers as fiduciaries are subject to preemption and other legal attack. Read More
Attorneys from Eversheds Sutherland offer a practical analysis of Regulation Best Interest. Their new legal alert provides an overview of the new rule along with ten implementation considerations for firms to consider as they start to prepare for compliance before the June 30, 2020 deadline. Read More
The Groom Retirement Services Practice Group provides full coverage of Regulation Best Interest, Form CRS, the Investment Adviser interpretation, and the “solely incidental” interpretation in their June 24 article. The Groom attorneys explain how each of the new rules relate to IRA and other retirement plan advice and consider how the Department of Labor may respond with a rulemaking of their own in reaction to the SEC’s rulemaking. Read More
The attorneys on the K&L Gates’ Investment Management team offer key takeaways from the SEC’s rulemaking and advise securities firms to begin reviewing their business practices to determine whether they will be subject to the regulatory overhaul. As the article describes, “Regulation Best Interest is not a safe harbor, but a mandatory set of prescriptive rules to determine if a firm and its registered sales professionals have acted in a retail customer’s best interest.” Read More

IRI publishes the IRI Law Journal on a quarterly basis, which includes law firm articles on a range of topics impacting the insured retirement industry along with an editorial note from our staff of regulatory attorneys. If you would like your law firm to be included in our third quarter publication set to release in October, please email Joe Conrad ( ) for more information.