Run Regulation Best Interest (Reg BI) Disclosure Documentation Checklist — Free

Inspection Setup and Recommendation Scope

Retail customer and recommendation file identified

Record the retail customer name or account identifier and the specific recommendation reviewed.

Recommendation date documented critical (required)

Confirm the date and time the recommendation was made or documented.

Product or strategy type documented

Identify the security, account type, or investment strategy covered by the recommendation.

Inspector confirms file contains all source documents reviewed

Mark all supporting records present in the file, such as disclosures, notes, emails, suitability analysis, and approvals.

Yes No N/A

Disclosure Delivery and Timing

Capacity disclosure provided before or at recommendation critical (required)

Confirm the customer was informed of the capacity in which the firm and representative were acting before or at the time of the recommendation.

Yes No N/A

Material fees, costs, and compensation disclosed critical (required)

Confirm the file shows disclosure of material fees, costs, and compensation associated with the recommendation.

Yes No N/A

Material limitations and product constraints disclosed critical (required)

Confirm any material limitations, product constraints, or platform restrictions were disclosed to the retail customer.

Yes No N/A

Disclosure delivery method documented

Record how the disclosure was delivered to the customer.

Note (optional)

Disclosure timing supports informed decision-making critical (required)

Rate whether the timing of disclosures was sufficient for the customer to consider the information before the recommendation was acted upon.

Conflict of Interest Identification and Mitigation

Material conflict of interest identified in file critical (required)

Confirm the file identifies any material conflict of interest relevant to the recommendation.

Yes No N/A

Conflict mitigation or elimination documented critical (required)

Confirm the file documents how the conflict was mitigated or eliminated, as applicable.

Yes No N/A

Compensation or incentive conflict reviewed critical (required)

Confirm the file addresses compensation, sales contest, quota, or other incentive-related conflicts.

Yes No N/A

Conflict disclosure approved by compliance or supervision

Confirm any required conflict disclosure was reviewed or approved by the appropriate supervisory or compliance function.

Yes No N/A

Conflict documentation quality critical (required)

Rate whether the conflict documentation is specific, complete, and traceable to the recommendation file.

Care Obligation and Recommendation Basis

Customer profile information documented critical (required)

Confirm the file contains relevant customer profile information used in the recommendation, such as age, investment objectives, risk tolerance, financial situation, and time horizon.

Yes No N/A

Reason the recommendation is in the customer's best interest documented critical (required)

Confirm the file explains why the recommendation was believed to be in the retail customer’s best interest.

Yes No N/A

Alternatives considered documented critical (required)

Confirm the file includes reasonable alternatives considered and why the selected recommendation was preferred.

Yes No N/A

Recommendation rationale is specific and supportable critical (required)

Rate whether the rationale is specific, supportable, and tied to the customer profile and product characteristics.

Supervision, Recordkeeping, and Closeout

Supervisor review completed critical (required)

Confirm the recommendation file was reviewed by the required supervisory or compliance reviewer.

Yes No N/A

Exceptions or deficiencies documented

Confirm any exceptions, deficiencies, or non-conformances were documented in the file.

Yes No N/A

Corrective action assigned for deficiencies

Confirm corrective action was assigned when deficiencies were identified.

Yes No N/A

Inspector sign-off completed critical (required)

Inspector signature confirming the review is complete and accurate.

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Run: Regulation Best Interest (Reg BI) Disclosure Documentation Checklist

Inspection Setup and Recommendation Scope

Disclosure Delivery and Timing

Conflict of Interest Identification and Mitigation

Care Obligation and Recommendation Basis

Supervision, Recordkeeping, and Closeout

Get your results