{"id":7573,"date":"2021-01-25T09:09:52","date_gmt":"2021-01-25T14:09:52","guid":{"rendered":"https:\/\/rixtrema.com\/blog\/?p=7573"},"modified":"2021-01-28T09:47:51","modified_gmt":"2021-01-28T14:47:51","slug":"new-president-is-in-whats-in-store-for-the-sec-and-reg-bi","status":"publish","type":"post","link":"https:\/\/rixtrema.com\/blog\/new-president-is-in-whats-in-store-for-the-sec-and-reg-bi\/","title":{"rendered":"New President is in, what\u2019s in store for the SEC and Reg BI?"},"content":{"rendered":"\n

Ever since the SEC first announced its Regulation Best Interest, many in the financial services industry have been doubtful about its longevity. We saw the DOL rule come and go, and this has really made it seem like new regulation doesn\u2019t last<\/strong>.<\/p>\n

With this new administration<\/strong>, we\u2019ve already started<\/a><\/u> re-assessing Reg BI and its shelf life. At first glance, it appears<\/strong> Joe Biden and the<\/strong> Democrat majority government will <\/strong>keep the regulation around and, if anything, strengthen<\/strong> it. Traditionally, Democrats have been the party of financial regulation while Republicans have pushed for more de-regulation.<\/p>\n

Only<\/strong> days after Biden was<\/strong> inaugurated, we already know who he will appoint<\/a><\/u> to be the new SEC chair. Just based on<\/strong> his history in the Obama administration, most are predicting that he will be a lot stricter on implementing financial regulations than his predecessor.<\/p>\n

Along with this, the SEC has also recently indicated that they plan to ramp up their Reg BI examinations<\/a><\/u> this year. This means regulators will be focusing on how businesses are complying with Reg BI and what processes they have implemented. Furthermore, the SEC has stated that \u201cFailure to have adequate written policies and procedures and failure to have adequate supervisory and compliance oversight may indicate recurring issues in complying with Regulation Best Interest.\u201d<\/p>\n

Even though it is definitely looking like Biden\u2019s new administration is, overall, indicating a strict enforcement of Reg BI, some voices in the democratic party<\/a><\/u> are urging Biden to rescind the regulation. We\u2019ve seen over <\/strong>the past year that \u00a0both sides of the aisle<\/strong> have issues with this regulation, and even among the democratic party there may not be a consensus on how to handle Reg BI going forward.<\/p>\n

All in all, it is certainly looking like we are still going<\/strong> full-steam ahead with Reg BI, and those in the financial services industry should keep an eye out for even more regulation on the horizon. At RiXtrema, we\u2019ll be continuing to keep an eye on things and will make sure advisors can stay prepared despite changing regulatory environments.<\/p>\n\n\n\n

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Ever since the SEC first announced its Regulation Best Interest, many in the financial services industry have been doubtful about its longevity. We saw the DOL rule come and go, and this has really made it seem like new regulation might not last long<\/p>\n","protected":false},"author":8,"featured_media":7574,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[300],"tags":[2132,277,27,198],"class_list":["post-7573","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regulation-best-interest","tag-biden","tag-regulation-best-interest","tag-rixtrema","tag-sec"],"jetpack_featured_media_url":"https:\/\/rixtrema.com\/blog\/wp-content\/uploads\/2021\/01\/New-President-is-in-whats-in-store-for-the-SEC-and-Reg-BI-1.png","yoast_head":"\nNew President is in, what\u2019s in store for the SEC and Reg BI?<\/title>\n<meta name=\"description\" content=\"Ever since the SEC first announced its Regulation Best Interest, many in the financial services industry have been doubtful about its longevity. We saw the DOL rule come and go, and this has really made it seem like new regulation might not last long\" \/>\n<link rel=\"canonical\" href=\"https:\/\/rixtrema.com\/blog\/new-president-is-in-whats-in-store-for-the-sec-and-reg-bi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New President is in, what\u2019s in store for the SEC and Reg BI?\" \/>\n<meta property=\"og:description\" content=\"Ever since the SEC first announced its Regulation Best Interest, many in the financial services industry have been doubtful about its longevity. We saw the DOL rule come and go, and this has really made it seem like new regulation might not last long\" \/>\n<meta property=\"og:url\" content=\"https:\/\/rixtrema.com\/blog\/new-president-is-in-whats-in-store-for-the-sec-and-reg-bi\/\" \/>\n<meta property=\"og:site_name\" content=\"RiXtrema.com\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/LarkspurRiXtrema\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-25T14:09:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-01-28T14:47:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/rixtrema.com\/blog\/wp-content\/uploads\/2021\/01\/New-President-is-in-whats-in-store-for-the-SEC-and-Reg-BI-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"700\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@RiXtrema\" \/>\n<meta name=\"twitter:site\" content=\"@RiXtrema\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\">\n\t<meta name=\"twitter:data1\" content=\"2 minutes\">\n<!-- \/ Yoast SEO Premium plugin. -->","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/posts\/7573","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/comments?post=7573"}],"version-history":[{"count":3,"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/posts\/7573\/revisions"}],"predecessor-version":[{"id":7611,"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/posts\/7573\/revisions\/7611"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/media\/7574"}],"wp:attachment":[{"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/media?parent=7573"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/categories?post=7573"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/tags?post=7573"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}