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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