Regulatory Initiatives

What IBKR Clients Need to Know

An IBKR client falls under the rule and is obligated to report to CAT/CAIS if they are a member of a U.S. national securities exchange or a U.S. national securities association that handles orders or quotes in NMS equity securities, OTC equity securities or listed options.

We recommend that such clients become familiar with the rules that are available on the regulator’s website: https://catnmsplan.com/index.html.

Please note that the CAT Rules do not provide for any firms to be excluded or exempted from the CAT reporting obligation except under very limited cases.¹

IBKR offers CAT reporting services for its clients that are obligated to CAT report but only for events carried out on our platform. If interested, please email us at IBKR-CAT-FEEDBACK@interactivebrokers.com.

If your firm requests services, IBKR will provide you with a CAT Reporting Agreement in its on boarding process. Please be aware your firm will also need to update its own policies and procedures in accordance with the CAT Rules

Additional Resources

• Clock Synchronization Attestation
• IBCO Clock Synchronization Annual Certification 2025
• IBLLC Supplemental Clock Synchronization Attestation 2025
• IBLLC Clock Synchronization Annual Certification 2025
• IBCO Supplemental Clock Synchronization Attestation 2025

If you are a registered broker who needs information from prior years, please email: ibkr-cat-feedback@interactivebrokers.com

Regulation Best Interest and Form CRS

On June 5, 2019, the Securities and Exchange Commission (SEC) adopted a package of rulemakings and interpretations designed to enhance the quality and transparency of retail investors’ relationships with investment advisers and broker-dealers, bringing the legal requirements and mandated disclosures in line with reasonable investor expectations, while preserving access (in terms of choice and cost) to a variety of investment services and products. Specifically, these actions include new Regulation Best Interest (Reg BI), the new Form CRS Relationship Summary (Form CRS), and two separate interpretations under the Investment Advisers Act of 1940.

According to the SEC, these actions are designed to enhance and clarify the standards of conduct applicable to broker-dealers and investment advisers, help retail investors better understand and compare the services offered and make an informed choice of the relationship best suited to their needs and circumstances, and foster greater consistency in the level of protections provided by each regime, particularly at the point in time that a recommendation is made.

A copy of IBKR’s Form CRS and responses to the conversation starters in the Form CRS are publicly available here:

• Customer Relationship Summary for Interactive Brokers LLC & Interactive Brokers Corp.
• IBKR Responses to Form CRS Conversation Starters

Introducing Brokers and Financial Advisors

The Form CRS above is specific to IBKR and addresses the nature and scope of services provided by IBKR, the types of fees customers of IBKR will incur, potential conflicts of interest, and IBKR’s disciplinary history. The document does not address compliance and legal obligations of IBKR’s clients that have their own customers (e.g. introducing brokers, financial advisors, registered investment advisors, etc.).

At this time, IBKR does not provide a regulatory solution for introducing brokers and financial advisors to meet their Reg BI and Form CRS obligations.

IBKR clients with underlying clients of their own should consult with independent counsel to determine their obligations under Reg BI and Form CRS.