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Retail Investors Fiduciary Duty

Robins Kaplan LLP

Should you take financial advice from Magnum P.I.?

Robins Kaplan LLP on

Unless you rely solely on streaming services, at some point in recent years, you have likely seen Tom Selleck pitching reverse mortgages as a retirement strategy. Is that a product for you? Or your parents? This article won’t...more

Goodwin

SEC Proposes Radical Transformation of Custody Rule Into New Safeguarding Rule

Goodwin on

On February 15, 2023, the Securities and Exchange Commission (the “SEC”) proposed a significant transformation of Rule 206(4)-2 (the “Custody Rule”) under the Investment Advisers Act of 1940 (the “Advisers Act”) into a new...more

Carlton Fields

The SEC's First Regulation Best Interest Action and the Challenges of Regulating By Enforcement

Carlton Fields on

In June 2022, the U.S. Securities and Exchange Commission (SEC) filed its first complaint alleging violations of both the care and compliance obligations of Regulation Best Interest, or Reg BI. In SEC v. Western International...more

Goodwin

ERISA Litigation Update - October 2022

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Key Takeaway: The Sixth Circuit largely affirmed the grant of a motion to dismiss, but reversed the district court’s dismissal of the plaintiffs’ claim that the defendants had failed to select the lowest-cost share class of...more

Goodwin

The UK Consumer Duty: Next Steps For Private Fund Managers

Goodwin on

​​​​​​​In our previous Client Alert, Back to Work: The FCA's 2022-23 Priorities for Private Fund Managers, we mentioned the need for managers to consider the new consumer duty rules contained in PS22/9: A new Consumer Duty. ...more

Dechert LLP

SEC Publishes Staff Bulletin on the Standards of Conduct for Broker-Dealers’ and Investment Advisers’ Conflicts of Interest

Dechert LLP on

The Securities and Exchange Commission in 2019 issued significant new rules and interpretations addressing the standards of conduct for broker-dealers, in the form of Regulation Best Interest, and the standards of conduct for...more

Seward & Kissel LLP

SEC Files First Reg BI Action Against Broker-Dealer

Seward & Kissel LLP on

On June 15, 2022, the Securities and Exchange Commission (“SEC”) filed a complaint against California-based broker-dealer Western International Securities, Inc. (“Western”) alleging violations of Regulation Best Interest...more

Goodwin

SEC Staff Provides Guidance on Broker-Dealer and Investment Adviser Standards of Conduct For Account and Rollover Recommendations...

Goodwin on

U.S. Securities and Exchange Commission staff recently published a bulletin reiterating the standards of conduct applicable to broker-dealers and investment advisers when making account recommendations to retail investors....more

Katten Muchin Rosenman LLP

Client Alert: Proposed SEC Rules for Investment Advisers and Regulated Funds, and New FTC Safeguard Rule Applicable to Private...

On February 9, 2022, the Securities and Exchange Commission (SEC) voted to propose new rule 206(4)-9 under the Investment Advisers Act of 1940 (Advisers Act) and 38a-2 under the Investment Company Act of 1940 (collectively...more

Katten Muchin Rosenman LLP

SEC Staff Observes Practices of Private Fund Advisers That Raise Concerns

Investment advisers that manage private funds should promptly review their compliance policies and procedures, practices and disclosures to ensure these address, and are not inconsistent with, the areas of concern raised in a...more

Allen Matkins

SEC: Investment Adviser May Not Say That It May Do What It Already Did

Allen Matkins on

Doug Cornelius at Compliance Building took note of an Securities and Exchange Commission order issued last Friday instituting proceedings against an investment adviser, Diastole Wealth Management, Inc., for inadequate...more

Blank Rome LLP

Regulatory Update and Recent SEC Actions - April 2021

Blank Rome LLP on

REGULATORY UPDATES - SEC - Leadership Changes On April 14, 2021, the U.S. Senate voted to approve President Biden’s nomination of Gary Gensler as Chairman of the Securities and Exchange Commission (the “SEC”) through June...more

Goodwin

Private Equity Comment: Sustainable Finance Disclosure Regulation, ELTIFs, And ESG Issues Relating To ERISA

Goodwin on

This edition of Private Equity Comment looks at the Sustainable Finance Disclosure Regulation, which fund managers will need to comply with beginning 10 March, 2021, an ongoing consultation on European Long Term Investment...more

Rumberger | Kirk

Implementing Reg-BI and Preparing for Examinations: The Compliance Obligation

Rumberger | Kirk on

With SEC Regulation Best Interest (“Reg-BI”) effective as of June 30, 2020, SEC examiners will now focus on whether firms have made a good faith effort to implement policies and procedures (“P&Ps”) that are necessary for...more

Brownstein Hyatt Farber Schreck

SEC Proposes Conditional Finders Exemption From Broker Registration

On Oct. 7, 2020, the Securities and Exchange Commission (SEC) proposed a conditional exemption from the broker registration requirements of Section 15(a) of Securities Exchange Act of 1934 to allow “finders” who are natural...more

Burr & Forman

Regulation Best Interest is Good Enough: The Second Circuit Upholds Regulation BI in XY Planning Network

Burr & Forman on

In XY Planning Network, LLC, et al. v. SEC, et al., the United States Court of Appeals for the Second Circuit rejected a challenge to Regulation Best Interest brought by an organization of investment advisers, an individual...more

Manatt, Phelps & Phillips, LLP

Tuning Out Harmony: The Second Circuit Upholds Regulation Best Interest

Last year, a group of state attorneys general (AGs) filed suit against the Securities and Exchange Commission (SEC), challenging the agency’s Regulation BI (Best Interest), enacted in June 2019. Regulation Best Interest...more

Stinson LLP

New Form CRS to be Required from Investment Advisers and Broker-Dealers Next Week

Stinson LLP on

Designed to protect retail investors from conflicts of interest, the SEC's new Regulation Best Interest, known as Reg BI, and related rules take effect on June 30, 2020. Every SEC-registered investment adviser and...more

Polsinelli

No Extension for You - June 30 Compliance Date for Regulation Best Interest Confirmed by SEC

Polsinelli on

On June 15, Jay Clayton, the Chairman of the U.S. Securities and Exchange Commission (“SEC”) re-confirmed there will be no delay in the compliance date for Regulation Best Interest and Form CRS. In the statement, Chairman...more

Epstein Becker & Green

SEC and FINRA Provide Guidance on Regulation Best Interest

Epstein Becker & Green on

Recently, the U.S. Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) issued a Risk Alert to provide broker-dealers with guidance on examinations regarding regulation Best...more

Carlton Fields

A Spring Into Chaos: Massachusetts Adopts Fiduciary Rule

Carlton Fields on

The standard of conduct for broker-dealers is quickly becoming a crazy quilt of securities regulation. Apparently unsatisfied with the standard established under SEC Regulation Best Interest (Reg BI), some state securities...more

Polsinelli

SEC Announces Examination Priorities for Regulation Best Interest and Form CRS

Polsinelli on

On June 5, 2019, the Securities and Exchange Commission (“SEC”) adopted Regulation Best Interest (“Regulation Best Interest” or “Reg BI”), which establishes a new standard of conduct under the Securities Exchange Act of 1934...more

Eversheds Sutherland (US) LLP

The emerging patchwork of fiduciary investment advice regulation – Putting the pieces together (update)

As anticipated, 2020 has seen a number of fiduciary and best interest advice regulations advance at both the federal and state levels. Firms subject to these regulations face challenges in dealing with rules that impose a...more

Foley Hoag LLP

Massachusetts Adopts Fiduciary Rule for Broker-Dealers

Foley Hoag LLP on

States Seek to Expand upon SEC Regulation Best Interest - In a rebuke of the U.S. Securities and Exchange Commission (the “SEC”), the Massachusetts Securities Division recently announced its own fiduciary rule for...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #27

Regulation Best Interest, RIA Interpretation and Consideration of “Account Types” (Part 3) - The SEC has issued its final Regulation Best Interest (Reg BI), Form CRS Rule, RIA Interpretation and Solely Incidental...more

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JD Supra Privacy Policy

Updated: Dec 28, 2021:

JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.

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Information for EU and Swiss Residents

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

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Privacy Officer
JD Supra, LLC
150 Harbor Drive, #2760
Sausalito, CA 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

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California Privacy Rights

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You can make a request for this information by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
150 Harbor Drive, #2760
Sausalito, CA 94965

Some browsers have incorporated a Do Not Track (DNT) feature. These features, when turned on, send a signal that you prefer that the website you are visiting not collect and use data regarding your online searching and browsing activities. As there is not yet a common understanding on how to interpret the DNT signal, we currently do not respond to DNT signals on our site.

Access/Correct/Update/Delete Personal Information

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Changes in Our Privacy Policy

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Contacting JD Supra

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Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at: privacy@jdsupra.com.

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