"While much of the coverage of Reg BI has been historical and focused on analyzing and summarizing the final rule package, this alert looks to the future regarding how the Division of Trading and Markets, OCIE and FINRA are interpreting and planning to examine for Reg BI compliance. The Reg BI FAQ provides helpful guidance to the brokerage industry. Unlike the first Form CRS FAQ released last fall, which was very brief, the Reg BI FAQ provides specific guidance on a variety of important topics covered by Reg BI, specifically recommendations, the disclosure obligation, the care obligation and the conflict of interest obligation."