Frequently Asked Questions on Regulation Best Interest

The staff of the Division of Trading and Markets have prepared the following responses to questions about Regulation Best Interest and expect to update from time to time our responses to additional questions. These responses represent the views of the staff of the Division of Trading and Markets. They are not a rule, regulation, or statement of the Securities and Exchange Commission (“Commission”). The Commission has neither approved nor disapproved this content. These responses, like all staff guidance, have no legal force or effect: they do not alter or amend applicable law, and they create no new or additional obligations for any person. The Adopting Release for Regulation Best Interest is available at https://www.sec.gov/rules/final/2019/34-86031.pdf. Frequently Asked Questions on Form CRS are available at https://www.sec.gov/investment/form-crs-faq.