Securities Experts Roundtable
2023 Annual Membership Meeting & Conference

Reg BI:  Business As Usual, or Meaningful Change?

Reg BI:  Business As Usual, or Meaningful Change?

Reg BI became effective three years ago, but did it make a difference?  Peter Tepley joined a panel discussion during the Securities Experts Roundtable Annual Membership Meeting and Conference. The panel of leading authorities and regulators discussed their views as to how well the securities industry has implemented Reg BI and share their expectations for future developments.

As part of the discussion, the panel shared that the Reg BI standards exceed the suitability standard in several ways, including: (a) that the recommendation not place the interests of the broker dealer ahead of those of the retail customer; (b) that costs must always be considered when making a recommendation; and (c) that reasonably available alternatives should be considered.

Moderator: Jeffery Schaff, member/Ardor Fiduciary Services. Ltd.


    • Christine Lazaro, Esq., Director of the Securities Arbitration Legal Clinic, St. John’s Law School and Past PIABA President
    • Stephen Bouchard, Esq., Associate Commissioner for Securities, District of Columbia Department of Insurance, Securities and Banking, NASAA’s Broker-Dealer Section Committee Chair
    • Peter Tepley, Esq., Defense Counsel, Partner at RumbergerKirk, co-chair the Arbitration Panel subcommittee of the ABA Securities Litigation Section
    • James S. Wrona, Esq., Vice President and Associate General Counsel FINRA