Regulation Best Interest for Alternative Investment Sponsors and Retail Broker-Dealers
With the June 30, 2020 compliance deadline for Regulation Best Interest (“Reg BI”) and Form CRS delivery fast approaching, the IPA lead a dynamic discussion about the obligations and best practices for sponsors of alternative investment programs and their wholesale distribution teams, and the current obligations and considerations under Reg BI for retail broker-dealers when selling complex or alternative products.
Tom Selman, former Executive Vice President of Regulatory Policy and Legal Compliance Officer of FINRA, and our panelists discussed what asset managers should be considering in evaluating their own Reg BI requirements, how broker-dealers are addressing selling alternative or complex products, how asset managers can best work with brokers-dealers under this new regime, and questions such as innovative product structure or design changes that may be needed in this new environment.
Emily Vande KrolManaging Director, Partner Solutions Group and President of CCO Capital, LLC.
Ian J. FrimetSVP, Associate General Counsel, LPL Financial
Mark QuinnDirector of Regulatory Affairs, Cetera Financial Group
Mark Quinn is the Director of Regulatory Affairs for Cetera Financial Group, the corporate parent of a group of broker-dealers and Registered Investment Advisors with more than 8,000 financial advisers located across the United States. In that role, he manages a team of professionals handling interactions with agencies including the SEC, FINRA, U.S. Department of Labor, and state regulatory authorities. He also manages advocacy with respect to regulatory and legislative policy on behalf of Cetera.
Prior to joining Cetera, Mr. Quinn was the Chief Risk Officer of First Allied Securities, Inc., and prior to that, General Counsel of Royal Alliance Associates. In those roles and in private law practice, he has focused on representation of broker-dealers, investment advisers, and registered representatives in arbitration, litigation, and regulatory matters. He is a past Chairman of the Compliance Council of the Financial Services Institute and the Retirement Plans and Tax Regulatory Committee of the Insured Retirement Institute, and a current member of the District Committee for FINRA District No. 2. Mr. Quinn holds a B.S. in Finance from Arizona State University and M.B.A. and J.D. degrees from the University of Denver. He is a member of the Colorado, New York, and Florida bars.
Tom SelmanFounder, Scopus Financial Group
Former Executive Vice President for Regulatory Policy and Legal Compliance Officer, FINRA.