In this issue:
- SEC Seeks Information to Assess Standards of Conduct and Other Obligations of Broker-Dealers and Investment Advisers
- Frequently Asked Questions About Legal Entity Identifiers
- CFTC Approves CME Swap Data Reporting Rule
- NFA Proposes Amendment Permitting Certain Loans by Commodity Pools to Related Entities
- Supreme Court Denies SEC Extra Time to Bring Enforcement Actions for Civil Penalties
- Delaware Chancery Court Addresses Records Inspection Requests Standards
- An excerpt from "SEC Seeks Information to Assess Standards of Conduct and Other Obligations of Broker-Dealers and Investment Advisers"
The Securities and Exchange Commission issued a request for data and other information that the SEC will review while considering alternative standards of conduct for broker-dealers and investment advisers when they provide personalized investment advice about securities to retail customers. A retail customer is defined as a natural person or his or her legal representative who receives personalized investment advice about securities from a broker, dealer or investment adviser and uses such advice primarily for personal, family or household purposes. The request for data summarizes the legal distinctions between investment advisers and broker-dealers, such as a fiduciary duty standard for investment advisers, and cites studies that suggest that many retail customers are not aware of the differences between investment advisers and broker-dealers.
Please see full newsletter below for more information.
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Topics: Broker-Dealer, CFTC, CME, Commodity Pool, Dodd-Frank, Investment Adviser, Legal Entity Identifiers, NFA, SCOTUS, SEC, Swaps
Published In: Business Organization Updates, Civil Procedure Updates, General Business Updates, Finance & Banking Updates, Securities Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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