Vincent Micciche, CRCP, GFS, L5 - Revised September 2020
This guide was designed to assist an independent registered representative (registered rep) in identifying key elements of Regulation BI that affect you in your capacity as a registered rep. Each element addresses a specific obligation you have when making recommendations to your clients.
In addition to complying with Regulation BI, an advisor can use this guidance as a roadmap to demonstrate procedural prudence and substantiation of recommendations. I recommend It be used in conjunction with a decision-making framework like the Global Financial Steward (GFS) process. For your convenience, I have attached the GFS Template as Addendum A to this document.
The following contains guidance and opinions that I have provided, as Chief Compliance Officer, to my firm and others. Note that all firms have different policies and procedures and you should consult with your firm regarding its specific policies, procedures and requirements regarding Regulation BI.