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Securities Transactions Conflicts of Interest

A&O Shearman

Feeling conflicted: SEC Rule 192 and you

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On January 25, 2023, the United States Securities and Exchange Commission (the SEC) revived a proposed rule (initially proposed in September 2011) pursuant to Section 27B (Proposed Rule 192) aimed at preventing material...more

Carlton Fields

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

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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

Oberheiden P.C.

When Is a Trade Considered “Unauthorized”?

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Allegations of unauthorized trading claims present significant risks for investment brokers and brokerage firms. In addition to investor arbitration with the Financial Industry Regulatory Authority (FINRA), brokers and...more

Stinson LLP

SEC Staff Posts Conflicts of Interest Guidance for Broker-Dealers and Investment Advisers

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On August 3, 2022, the Securities and Exchange Commission (SEC) staff published a Q&A-Styled Bulletin focused on conflicts of interest under the Investment Advisers Act of 1940 (Advisers Act) and Regulation Best Interest (Reg...more

Mayer Brown Free Writings + Perspectives

Financial Disclosures for Federal Judicial Officers

Recent investigations share findings that over 130 US Federal judges presided over cases in which they had a financial conflict of interest since 2010.  In a 422-4 vote this week, the House passed a bipartisan bill that would...more

Carlton Fields

Payment for Order Flow (PFOF) and Gamification: Your Questions Answered

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This podcast details why payment for order flow and gamification are in the news, and how regulators and the industry in general are addressing related issues and concerns. The episode features Brattle Senior Consultant...more

Rumberger | Kirk

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

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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

Carlton Fields

Reg BI Compliance Countdown: T-Minus Six Months

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As the June 30, 2020, compliance date approaches, broker-dealers are taking steps to implement Regulation Best Interest (Reg BI), which establishes a new standard of conduct when making recommendations to retail customers of...more

Rumberger | Kirk

Minimizing Liability Under the SEC’s Reg-BI

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Litigation Risks Posed by the SEC’s Regulation Best Interest - Pete Tepley and Meredith Lees highlight litigation risks posed by the SEC’s Regulation Best Interest (Reg-BI), litigation risks that may arise from Reg-BI’s...more

Akin Gump Strauss Hauer & Feld LLP

[Podcast] AG Funds Minutes: SEC Proposes to Modernize Advertising and Cash Solicitation Rules

In this episode, Akin Gump investment management partners Barbara Niederkofler and Jason Daniel discuss the Security and Exchange Commission’s proposed modernization of the advertising and cash solicitation rules under the...more

UB Greensfelder LLP

Reg BI Continues To Tantalize And Confuse Both The Industry And The Regulators

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My young boys will sometimes chase me around the house, catch me, and yell “gotcha” as they drag me off to their pretend jail. No matter how much I plead that I’ve done nothing wrong, I always end up in jail, despite having...more

Vedder Price

The New Standards for Investor Protection: An Analysis of Regulation Best Interest, Form CRS and Two Interpretations of the US...

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On June 5, 2019, the Securities and Exchange Commission (the “SEC”) voted three to one to approve a package of rulemakings and interpretations designed to enhance the quality and transparency of investors’ relationships with...more

Faegre Drinker Biddle & Reath LLP

SEC Interpretation Offers Clarification on an Investment Adviser’s Duties of Care and Loyalty

As part of its “Reg BI Package”, approved on June 5, 2019, the Securities and Exchange Commission (the “SEC”) sought to clarify the fiduciary duty that an investment adviser owes to its clients under the Investment Advisers...more

Vedder Price

SEC Adopts Rules and Interpretations Concerning the Standard of Conduct for Broker-Dealers and Investment Advisers

Vedder Price on

On June 5, 2019, the SEC adopted a package of rules and interpretations addressing standards of conduct for broker-dealers and investment advisers: • Regulation Best Interest. Regulation BI establishes a standard of...more

K&L Gates LLP

SEC Adopts A New Best Interest Standard of Conduct

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Securities firms should begin reviewing their business models and account types to determine if they will be subject to a sweeping investor-protection regulatory regime recently adopted by the Securities and Exchange...more

Ballard Spahr LLP

Investment Management Update

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The Investment Management Update keeps you apprised of recent developments that affect registered investment companies, private equity funds, hedge funds, investment advisers, and others in the investment management...more

Eversheds Sutherland (US) LLP

SEC approves investment advice standard of conduct rules

Today, in a 3-1 vote, the US Securities and Exchange Commission (SEC) adopted a comprehensive package of rulemakings and interpretations governing the standard of conduct applicable to broker-dealers providing retail...more

Tucker Arensberg, P.C.

SEC Approves its Regulation Best Interest and Other Proposals

On June 5, 2019, the Securities and Exchange Commission voted to adopt its proposed regulations on the conduct of broker-dealers and investment advisers, including Regulation Best Interest, Form CRS, and two interpretations...more

Robins Kaplan LLP

Robo-Advisors Have the Ability to Meet Fiduciary Standards, but Not All Do

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Have you ever considered investing your money with a robot? A new category of investment advisers known as robo-advisors are automated, low-cost services that provide investment advice via web or mobile platforms....more

Carlton Fields

Suitability Working Group Stirs Ingredients for Suitability Model Potion

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On October 22 and 23, the NAIC Annuity Suitability (A) Working Group (Suitability WG) held an interim meeting to review comments received on the Suitability in Annuity Transactions Model Regulation (Model 275) (Suitability...more

Sheppard Mullin Richter & Hampton LLP

Regulation Best Interest: The SEC Responds to the DOL’s Fiduciary Rule

On April 18, 2018, the Securities and Exchange Commission published its proposed Regulation Best Interest. Regulation Best Interest would require broker-dealers and affiliated persons to act in the best interest of a retail...more

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