Chicago partner Jim Lundy and Los Angeles partner Fred Reish spoke to ThinkAdvisor about the recent formation of the firm’s Best Interest Compliance team. The two are quoted in an article titled “Drinker Biddle Launches Best Interest Compliance Team.”

Fred commented on the firm’s purpose in creating such a team, saying that it was designed in order “to reflect the evolving needs of our financial services clients.” He also emphasized the importance of cross-practice collaboration in the financial services arena, since in recent years, “FINRA, securities, insurance and investment management attorneys needed to work together closely to provide guidance on our overlapping legal expertise and practical knowledge.” With the SEC’s increased focus on best interest/fiduciary standards, the necessity for partnering across service areas became essential: “It was no longer practical for our practices to be siloed into single areas of legal expertise. We need to combine our knowledge to best serve our clients.”

Jim observed that SEC chairman Jay Clayton “has made the proposed Reg BI and the related proposals … one of the main priorities of his chairmanship” and that Clayton’s public statements demonstrate that he “is continuing to utilize [his] power … to move these initiatives forward.”

Read “Drinker Biddle Launches Best Interest Compliance Team.”

Source: ThinkAdvisor
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