Best Interest Compliance

Overview

Our national Best Interest compliance team assists clients in interpreting and preparing for compliance with the evolving and overlapping federal and state laws and regulations related to the standard of care for broker-dealers, investment advisers, and insurance companies, agents and brokers. We offer an interdisciplinary team that draws from Faegre Drinker’s investment management, ERISA, Securities and Exchange Commission (SEC) and regulatory enforcement defense, litigation/FINRA arbitration and compliance, class action defense, and insurance regulatory and transactional practices. Our team puts experienced litigators, legislative professionals, compliance attorneys and former regulators in your corner.

We actively assist investment managers, broker-dealers, registered investment advisers, retirement plan/IRA service providers and insurance companies with the challenges resulting from the ever-changing regulations from the SEC, Financial Industry Regulatory Authority (FINRA), the Department of Labor and state agencies related to fiduciary requirements and best interest duties.

Best Interest Compliance Counsel

We help formulate compliance practices, supervisory procedures and internal controls and determine whether compliance policies and procedures are implemented as written. Our attorneys draft agreements, disclosure documents and written supervisory procedures to assist with implementing the new standard of care, and supervision of that standard. We also advise clients on developing products and services that are consistent with fiduciary/best interest standards and mitigation and disclosure of conflicts of interest.

Best Interest Investigations, Litigation and Enforcement

We represent clients involved in investigations and enforcement matters before agencies such as the SEC, the Department of Labor (DOL), the Internal Revenue Service (IRS), FINRA and other self-regulatory or state agencies. Our attorneys also provide independent assessments of risk management and supervisory frameworks, and overall compliance policies and procedures related to conflicts of interest, breaches of fiduciary duty and securities law violations. In addition, we represent broker-dealers, investment advisers, insurance companies and other financial services entities in litigation and arbitration matters on standards of care and conflicts of interest.

Meet The Team

Insights

Insights

Media Mentions October 2020

Fred Reish Discusses Advisor and Broker-Dealer Compliance with Reg BI

1 min read  
Media Mentions September 2020

Brad Campbell Discusses Issues With DOL Investment Advice Rule

2 min read  
Publication August 2020

Have No Fear, Reg BI Is Finally Here

11 min read  
Podcast August 2020

Brad Campbell Discusses the DOL Fiduciary Rule on ThinkAdvisor’s Human Capital Podcast

1 min read  
Media Mentions June 2020

The Wall Street Journal Quotes Fred Reish on Impact of DOL’s Proposed Rule for Retirement Accounts

2 min read  
Media Mentions June 2020

Jim Lundy Shares Insight on SEC’s Increased Scrutiny of Revenue Sharing

2 min read  
Media Mentions June 2020

Fred Reish Shares Considerations for Investors under Reg BI with CNBC

1 min read  
Media Mentions June 2020

Brad Campbell and Fred Reish Comment on DOL’s Proposed Fiduciary Rule

2 min read  
Published Articles May/June 2020

Client Relationship Summary: Who Exactly Needs to Receive a Form CRS?

1 min read  
Media Mentions May 2020

Jim Lundy Comments on Appeals Case that Could Impact Reg BI

1 min read  
Updates April 2020

SEC Exam Guidance for Reg BI Compliance

6 min read  
Updates April 2020

SEC Issues Exam Guidance and New FAQs for Form CRS Compliance

8 min read  
Updates February 2020

The SEC Trading and Markets Reg BI FAQ and the SEC’s and FINRA’s Plans for Reg BI Exams

13 min read  
Media Mentions February 2020

Brad Campbell and Jim Lundy Quoted by ThinkAdvisor

1 min read  
Updates January 2020

Data on Trial

1 min read  
Media Mentions October 2019

Brad Campbell, Sandy Grannum, Jim Lundy and Fred Reish Quoted by ThinkAdvisor

1 min read  
Media Mentions October 2019

David Williams Comments on Compensation Conflicts of Interest Involving Dually-Registered Advisors

2 min read  
Updates October 2019

SEC Division of Investment Management Releases FAQs Regarding Disclosure of Financial Conflicts Related to Investment Adviser Compensation

6 min read  
Updates October 2019

Digging into the SEC’s Final RIA Guidance – And Why It Repeatedly Uses the Term “Best Interest”

8 min read  
Updates October 2019

The Risks of Giving Advice to 401(k) Participants

1 min read  
Media Mentions September 2019

Fred Reish Comments on Labor Secretary Nominee’s Senate Committee Hearing

1 min read  
Media Mentions September 2019

InvestmentNews Speaks with Lundy about Lawsuits

2 min read  
Media Mentions September 2019

RIABiz Looks to Jim Lundy for Insight into Lawsuit against SEC’s Reg BI

2 min read  
Media Mentions August 2019

Jim Lundy Comments on SEC Lawsuit against Investment Adviser over Disclosure Violations

1 min read  
Media Mentions August 2019

Jim Lundy and Fred Reish Discuss Compliance with SEC Advice-Standards Package and Possible FINRA Rule Changes

3 min read  
Media Mentions August 2019

Fred Reish Discusses Recusal Calls and Fiduciary Rule Conflicts Involving Trump’s Nomination for Secretary of Labor

2 min read  
Media Mentions August 2019

Fred Reish Comments on the New Obligations for Broker-Dealers Under Reg BI

2 min read  
Media Mentions August 2019

Fred Reish Comments on IRS Ruling on Uncashed Retirement Distribution Checks

2 min read  
Podcast August 2019

Bruce Ashton Discusses Retirement Plan Loans on 401k Podcast

1 min read  
Updates August 19, 2019

REG BI, FORM CRS: The TARDIS of Disclosure Requirements

7 min read  
Updates August 16, 2019

The SEC’s Standard on IRA Rollovers

1 min read  
Media Mentions August 2019

Fred Reish Comments on 401k Fiduciary Conflicts for Small Business Owners

1 min read  
Media Mentions August 2019

James Lundy Comments on FINRA’s Communication Efforts to Keep Broker-Dealers in Compliance with Reg BI

1 min read  
Media Mentions July 30, 2019

CNBC Quotes Jim Lundy and Fred Reish on New SEC Investor Protection Rule

2 min read  
Media Mentions July 2019

BenefitsPro Covers Broker-Dealer Prep for Reg BI with Analysis from Four Drinker Biddle Partners

3 min read  
Media Mentions July 2019

Fred Reish Provides Insight on New SEC Regulation Best Interest

2 min read  
Media Mentions July 2019

Fred Reish Quoted in ThinkAdvisor on Labor Secretary’s Resignation Affecting DOL Fiduciary Rule

1 min read  
Updates June 28, 2019

SEC’s “Best Interest” Rule and Proposed State Fiduciary Rules—Common Law and Preemption Tests

1 min read  
Media Mentions June 2019

Fred Reish Quoted in Pensions & Investments on Reg BI Affecting Fiduciary Rule

1 min read  
Media Mentions June 2019

Fred Reish Quoted in InvestmentNews on Rollover Changes under New SEC Rules

2 min read  
Updates June 12, 2019

The Final Reg BI Package: What to Know and What’s Next

11 min read  
Updates May 29, 2019

The SEC’s Reg BI Package: Time to Vote

3 min read  
Media Mentions May 2019

Jim Lundy Discusses the SEC’s Reg BI Meeting and “Solely Incidental” in Fund Intelligence

2 min read  
Media Mentions April 2019

Jim Lundy Discusses Issues With FINRA Targeting Repeat Offenders in FundFire

1 min read  
Media Mentions March 2019

SEC's Self-Report Project Nabs $125M in Deals with 79 Firms

1 min read  
Updates January 31, 2019

FINRA’s 529 Plan Share Class Initiative to Self-Report

5 min read  
Media Mentions January 2019

Jim Lundy Comments on SEC Backlog

1 min read  
Updates July 2018

2018 SEC Best Interest Proposals

1 min read  
Updates April 25, 2018

SEC Proposes Regulations to Reform Retail Investment Standards

8 min read  
Updates March 20, 2018

Fifth Circuit Vacates Fiduciary Rule

6 min read  
Updates January 11, 2018

New York Department of Financial Services Proposes Fiduciary Regulation

7 min read  

News

News October 9, 2019

Lundy and Reish Speak with Financial Advisor about the SEC’s Latest RIA Guidance

1 min read  
News October 9, 2019

Financial Times Quotes Reish on Outlook for SEC Broker Regulation

2 min read  
News October 2019

Fred Reish Discusses the Uncertain Impact of Reg BI on Brokerages

1 min read  
News August 2, 2019

Drinker Biddle Successfully Defends Chicago-Based Options Market Maker in Dispute at FINRA

2 min read  
News March 28, 2019

Frank Burt and Bob Mancuso Recognized in the BTI Client Service All-Stars 2019 Report

2 min read  
News November 2018

Partner Sandy Grannum to be Honored with New York State Bar Association Award

2 min read  

Event Recap

Event

Mary Hansen and Antonio Pozos to Speak at the White Collar Practice Seminar

2 min read  
Event Recap October 30, 2019

FIA Expo: L&C - How Law & Compliance Is Shaping Your Business

1 min read  
Event Recap October 15, 2019

Developments and Forecast on Life Insurance Company Litigation UL, IUL, Annuities and LTC

2 min read  
Event Recap September 12, 2019

The Future of Sales Standards in the Life Insurance Industry

1 min read  
Event Recap August 22, 2019

SEC Best Interest Interplay with DOL: What Will Compliance Look Like?

1 min read  
Event Recap July 31, 2019

FINRA Arbitration and Enforcement in 2019 and Beyond: Hot Buttons to Consider

1 min read  
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