Client Information on SEC’s Regulation Best Interest June 30, 2020 SEC Regulation BI Information and Disclosures The Securities and Exchange Commission (“SEC”) has adopted Regulation BI (“RegBI”), a new rule under the Securities Exchange Act of 1934 (“Exchange Act”) establishing a “best interest” standard of conduct for broker-dealers and Registered Investment Advisors (“RIAs”) and associated persons when making a recommendation of any securities transaction or investment strategy involving securities to a retail customer. The standard of conduct is to act in the best interest of the retail customer at the time a recommendation is made, without placing the financial or other interest of the broker-dealer, RIA, or associated person making the recommendation ahead of the interest of the retail customer. The SEC concurrently adopted a rule requiring each broker-dealer and RIA to provide its retail clients and file with the SEC a “Client Relationship Summary” (“Form CRS”) providing information about that broker-dealer or RIA and the way it conducts business. The RegBI Form CRS compliance and implementation date is June 30, 2020. Ask a Northland Financial Representative for more information on RegBI. INVESTOR INFORMATION – What You Need to Know – Investor.gov Online Resource Site – SEC’s Office of Investor Education and Advocacy (OIEA) FINRA Key Topic – SEC Regulation Best Interest SEC Regulation Best Interest, Form CRS, and Related Interpretations NORTHLAND DOCUMENTS Northland Form CRS Broker-Dealer ONLY (7-31-2021) Northland Form CRS Broker-Dealer & RIA DUAL (7-31-2021) Northland RegBI Disclosure Document (6-30-2020)
