Broker-dealers have about four months before the Securities and Exchange Commission's Regulation Best Interest becomes the new standard of care for selling securities in the retail market. Like it or not, come June 30, Reg BI will be enforceable. Recommendations to buy, sell, or hold an investment will have to be done in investors' best interests. Satisfying that standard will require new duties of care, disclosure, conflict of interest, and compliance. Failure to comply with any of the four components of the standard will result in violation of the rule in total, according to securities attorneys with Drinker Biddle. "A lot of people are behind the curve," said Fred Reish, a partner in the firm, in a recent web presentation. Both the SEC and FINRA, which will cede its enforcement of the suitability standard to Reg BI, have communicated the imperative of compliance with the new rule in recent priority letters. FINRA has said the first half of 2020 will be committed to reviewing broker-dealers' preparedness. The second half of the year it will be examining firms in coordination with the SEC, said Sandra Grannum, also a partner at Drinker Biddle. "They won't be looking for 'gotcha' moments, but rather a good-faith effort to comply with the rule," said Grannum.