Regulation Best Interest 5 Years Later

October 2025

Abstract

The adoption of Regulation Best Interest (“Reg BI”) marked one of the most consequential shifts in US securities regulation since the Securities Exchange Act of 1934. It replaced the long-standing “suitability” framework with a new “best interest” standard that applies whenever a broker-dealer recommends a securities transaction or investment strategy to a retail customer. Effective June 30, 2020, Reg BI was intended to align broker conduct with the reasonable expectations of retail investors while preserving the broker-dealer model’s transactional nature . It introduced four integrated obligations, Disclosure, Care, Conflict of Interest, and Compliance, that together establish a comprehensive conduct framework.

Author

Steven Trigili

Chief Compliance & Risk Officer, Garden State Securities, Inc., USA

Steven D. Trigili, MBA, CAMS, is the Chief Compliance and Anti-Money Laundering Compliance Officer at Garden State Securities, Inc. and Garden State Investment Advisory Services, LLC, an independent, U.S-based financial services firm servicing institutional and retail customers around the world. With over 30 years of experience in executive-level compliance and risk management in financial services, Steven oversees Garden State’s entire global compliance program. He is directly responsible for the firm’s risk management and anti-money laundering programs, and he also leads the firm’s cybersecurity and safeguarding initiatives. In addition to these responsibilities, he plays a key role in developing and implementing firm-wide policies to ensure compliance with evolving regulatory requirements and industry best practices. Before joining Garden State in 2010, he served as the CCO for a boutique Wall Street-based global investment and wealth management firm. Steven is currently serving a third term on the Financial Services Regulatory Authority (FINRA) Regional Committee, and he also serves on the FINRA Continuing Education Content Committee, where he assists in writing content for exams and continuing education courses. A featured speaker at industry conferences abroad for over 20 years, Steve also provides consulting and expert witness services to investment advisors and their counsel. Steven is also an adjunct professor of business and management at the graduate schools of Georgian Court University, Northern State University and Southern New Hampshire University, and he serves on the editorial board of the Journal of Financial Compliance.

Company

Garden State Securities, Inc.

Garden State Securities, Inc. (GSS) is an independent, full-service broker-dealer headquartered in Red Bank, New Jersey. Established in 1980, the firm provides a broad range of investment services, including brokerage, investment advisory, and financial planning solutions for individual and institutional clients around the globe. A small firm since its founding, GSS is a member of FINRA and SIPC, and operates under a culture that emphasizes regulatory compliance, ethical standards, and personalized client service. The firm’s affiliate, Garden State Investment Advisory Services, LLC (GSIAS), is an SEC-registered investment adviser offering fee-based portfolio management and advisory programs. Together, the two entities focus on balancing traditional investment strategies with modern compliance governance, ensuring that supervisory procedures and operational controls meet evolving SEC and FINRA expectations. Garden State Securities is widely recognized for its proactive approach to regulatory developments—particularly in areas such as Regulation Best Interest, cybersecurity governance, and continuing education. The firm’s leadership maintains active engagement in industry committees and educational initiatives that promote compliance excellence within small and mid-sized broker-dealers.

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Regulation Best Interest 5 Years Later

Abstract

Author

Company

Garden State Securities, Inc.

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