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With new “best interest” rules slated to take effect next year, U.S. industry self-regulatory organization (SRO) the Financial Industry Regulatory Authority (FINRA) is providing firms with new compliance tools.

FINRA announced that it has developed new resources to help investment firms comply with the U.S. Securities and Exchange Commission’s (SEC) new conduct rules, known as Regulation Best Interest (Reg BI).

In June, the SEC adopted new rules, which establish a “best interest” conduct standard for broker-dealers and their reps when they recommend a transaction or investment strategy to retail investors. The new requirements take effect on June 30, 2020.

Along with the new resources announced today, FINRA said that it will be holding several events for firms on the new rules in the months ahead, including a conference in Washington, D.C. on Dec. 18.

“FINRA is committed to providing member firms with resources to assist in their implementation efforts,” said Robert Colby, executive vice president and chief legal officer with FINRA.

The SRO also noted that it will be enforcing compliance with Reg BI as part of its routine compliance and enforcement efforts.

“FINRA staff expects to work with SEC staff to ensure FINRA’s consistency in examining broker-dealers and their [reps] for compliance,” the SRO said, adding that it will be reviewing its own rules to determine whether any changes are needed to align them with the SEC’s rules.

Last week, the Canadian Securities Administrators (CSA) unveiled their own rule changes that will require firms and reps to prioritize clients’ best interests when addressing conflicts of interest and determining suitability, among other reforms.

Those rules will take effect at the end of this year, subject to a two-year transition period.