In an InvestorCOM webinar on Wednesday, panellists said the regulators’ joint staff notice helps address the ambiguity that’s tripped up firms as they’ve sought to implement the CFRs. “Reasonable range doesn’t necessarily mean infinite choice,” Mehrad said, clarifying later that it applies to choices within a firm’s product shelf. A good definition will be principles based, but specific enough to be operationalized and reflect the firm’s business model and the type of securities they offer, she added. That’s the information an advisor needs.”Driscoll noted that smaller firms with fewer resources may struggle with KYP. Mehrad noted that the report encourages “firms to build centralized systems and analyses,” something that can strengthen their compliance and reduce unnecessary duplication and administrative work.