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SEC Fiduciary Duty
Why now? The proposal states that “the regulatory landscape has changed as other regulators, including the SEC, have adopted enhanced conduct standards for financial services ...
The new regulation abandons the “core principles of the Advisers Act” ... as investment advisers and B-Ds “are as different as butchers and nutritionists.”
Advisers and B-Ds should especially focus on rollovers and 401(k) withdrawals
"Broker-dealers and investment advisers should review their operations to be sure they are making recommendations or providing investment advice to retail investors that is in ...
For two Clients who explicitly requested that Vescio disclose the fees charged, Vescio negligently failed to include 12b-1 fees
Defendants also violated their fiduciary duty by failing adequately to disclose to their clients the conflict of interest inherent in these transactions
A private fund isn’t a personal fund, and the SEC has just driven the point home by barring a Maryland investment adviser for helping himself ...
Such a hedge clause generally is likely to mislead those retail clients into not exercising their legal rights
An adviser should consider whether investments are recommended only to those clients who can and are willing to tolerate the risks
Looking to identify IAs who outsource voting decisions
These SEC FAQs can help you prepare for Reg BI
Reg BI arrives June 30: “The court knows what the timeline is. It’s up to the court”
Driscoll: The risk alert will be designed to “help firms prepare for potential exams”
Regulators were emphatic: there will be no delay in Reg BI
SEC “staff reminds broker-dealers that the term ‘investment strategy’ ... is to be interpreted broadly”
Regulation Best Interest expressly applies to account recommendations including recommendations of securities account types
The new report provides “hallmarks” of effective compliance programs detected by the agency over the years
Disclosing conflicts lies at the heart of Reg BI and Form CRS
A “recommendation is always going to be viewed in hindsight, and it’s a very loose term”
Don't bet on a delay in Reg BI
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