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Form CRS Roundup: Exams Pending for Non-Filers

A day later at the Investment Adviser Compliance Conference 2021, SEC Division Director Peter Driscoll was more specific: “Our priority is really the firms that have not filed.” Driscoll reported: “We’ve identified hundreds of firms that should have filed a Form CRS but didn’t. We reached out to them informally, and a large number didn’t respond. We’re opening up exams on them.” 

The importance of Form CRS

PDF(Opens in new window) 488KBPer the SEC: “Filing Form CRS is mandatory for every broker or dealer registered with the Commission pursuant to section 15 of the Exchange Act that offers services to a retail investor.” With a compliance date of June 30, 2020, any Form CRS (Client Relationship Summaries) not yet filed are months overdue.

Form CRS is “Probably the number one document our examiners will read as they prepare for an exam,” Driscoll added at the Compliance Conference. “It will give a good overview of the firm.”

Form CRS shortcomings

The SEC reports that over 13,000 Form CRS fillings did occur in 2020. While firms generally followed Form CRS requirements, many failed to adequately respond to the form’s disciplinary history disclosure requirements. The SEC considers this “an area all firms should ensure they address” 1. This will be a secondary focus for the SEC Division of Examinations.

SEC resources

The full PDF(Opens in new window) 488KB2021 Examination Priorities Report offers many other insights. The SEC also continues to accept and add to their Form CRS FAQs.

Learn more

Broadridge continues to keep a finger on the pulse of Reg BI and Form CRS. Supporting the complex needs of broker-dealers and regulators, RIAs and independent advisors, we help to streamline and ensure audit-ready compliance at every step.

To discover how you can step up to Reg BI compliance with greater efficiency and confidence, contact us today.


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