Los Angeles-based Docupace rolled out a new digital compliance solution to help bring advisors in line with the SEC’s Regulation Best Interest (Reg BI) and Form CRS.

As part of the SEC’s new regulations, advisors and broker-dealers will be required to provide a client relationship summary, Form CRS, to investors following recommendations, and store records of delivery of Form CRS documents and delivery.

Docupace’s solution is intended to eliminate some of the administrative paperwork and save advisors and broker-dealers from having to print, mail, fax and/or file many of the forms related to the regulation.

"Enabling technology for Reg BI compliance is critical to the advisor. Their primary objective is focusing on their clients and servicing them to the best of their ability," said Mark Tapling, CEO of Docupace, in released comments. "Our customers consistently share how urgent it is to be Reg BI compliant as soon as possible and having the right service technology to meet the needs of the latest compliance standards."

Docupace also claims that its Reg BI capabilities can help advisors avoid non-compliance, and will be able to automatically generate different versions of Form CRS and other disclosures based on different scenarios and parameters.

Firms can also use the new Docupace capabilities to confirm receipt of the disclosure and create and store a record of said receipt, allowing them to more easily demonstrate compliance with Reg BI.