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SEC Form CRS

Broker-dealers and registered investment advisors (RIAs) must provide this form, which is a brief summary of key information about the firm, to retail investors. The information and disclosures the form includes is intended to provide a standardized way for invstors to compare information about different firms and help them make a decision whether a specific firm is right for them.

Rule Overview

Jurisdiction: United States

Regulator: SEC

Topic: Investor Protection

Overview
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Further Reading

Form CRS or client relationship summary, provides customers with information about:

  • The types of services the firm offers;
  • The fees, costs, conflicts of interest, and required standard of conduct associated with those services;
  • Whether the firm and its investment professionals have reportable legal or disciplinary history; and
  • How to get more information about the firm.

The client relationship summary also includes questions to help begin a discussion with an investment professional about the relationship, including their services, fees, costs, conflicts and disciplinary information.

The form should be delivered at the outset of a customer’s relationship with a broker-dealer or RIA, and at certain other times when the customer alters an existing relationship.

For example, the relationship summary should be provided again if the firm is recommending the investor roll over assets from a retirement account into a new or existing account or investment.

The form can be delivered in paper or electronic form, depending on how the investor has chosen to receive disclosures from the firm, and it should also be available on the firm’s public website.

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Further Reading

FINRA SEC Regulation Best Interest (Reg BI) Page Go to LII Reg BI Page Go to https://www.law.cornell.edu/wex/regulation_best_interest_%28reg_bi%29