Rule 15l-1 (Regulation Best Interest or Reg BI) under the Securities Exchange Act of 1934, as Amended (Exchange Act) establishes a standard of conduct for broker-dealers when making recommendations to retail customers. The standard requires a broker-dealer to act in the best interest of its retail customers when making a recommendation of any securities transaction or investment strategy involving securities. This means that a broker-dealer may not place its financial or other interest ahead of the interest of the customer.