Webinar: SEC Rules and Interpretations on Standards of Conduct and Fiduciary Duty

The U.S. Securities and Exchange Commission (SEC) has recently adopted a new package of rules and interpretations intended to set forth the standards of conduct applicable to broker-dealers and investment advisers in dealing with the investing public and to enhance the quality and transparency of investors’ relationships with investment advisers and broker-dealers.  The SEC intends that this Standards of Conduct rulemaking will bring the legal requirements and mandated disclosures in line with reasonable investor expectations, while preserving access – in terms of cost and choice – to a variety of investment services and products.  Specifically, the SEC package includes:

  • An interpretation of the fiduciary duty that investment advisers owe to their clients under the Investment Advisers Act of 1940, as amended (the ‘Advisers Act’);  
  • A new Regulation Best Interest, requiring that broker-dealers act in the best interests of their retail customers;  
  • A new Form CRS relationship summary that must be provided to each retail investor by their investment adviser and broker-dealer; and  
  • An interpretation of the ‘solely incidental’ prong of the broker-dealer exclusion under the Advisers Act.

Please join partners from Dechert LLP as they present an informative webinar for EMEA and APAC audiences exploring the SEC’s Standards of Conduct rulemaking package with a main focus on the investment adviser fiduciary duty interpretation given the interest from members in this specific area.

Please click here to listen to the recording.

Dechert and AIMA Webinar Slides_FINAL.pptx


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