New York, NY securities attorney Jenice L. Malecki talks about the disclosures required under Regulation BI. She shares that Regulation Best Interest requires both brokers and investment advisors to provide clients with a Form CRS. This form must be delivered before any recommendations are made and is intended to clearly outline the nature of the client relationship. It details whether a fiduciary duty exists, whether the account is discretionary, and whether the broker can trade without client approval. Additionally, it discloses any potential conflicts of interest between the recommended investments and the client, as well as information about compensation and the advisor’s professional background. She emphasizes that clients have an absolute right to receive a Form CRS, and notes that numerous regulatory actions have been taken in recent years against firms that failed to provide these disclosures.