On June 5, the SEC held an open meeting and issued a long-awaited final interpretation titled “Commission Interpretation Regarding Standard of Conduct for Investment Advisers” (the “Final Guidance”). The Final Guidance was issued in connection with another interpretation titled “Commission Interpretation Regarding the Solely Incidental Prong of the Broker-Dealer Exclusion from the Definition of Investment Adviser,” as well as two final rules: “Form CRS Relationship Summary; Amendments to Form ADV” and “Regulation Best Interest: The Broker-Dealer Standard of Conduct.”
Ropes & Gray’s asset management attorneys were widely cited in media coverage on this key industry issue. Asset management partner Joel Wattenbarger was quoted in a Financial Times article titled “US broker-dealer rule fails to convince consumer advocates” and in an InvestmentNews article titled “SEC to tackle thorny topic: How much advice brokers can give without being an adviser.”
Asset management counsel Brynn Rail provided insights in an article published by Law360 titled “Questions Loom Over Broker Standards Ahead Of SEC Vote.”
Asset management counsel David Tittsworth was quoted in the following pieces published by Bloomberg Law, Ignites, FundFire and Pensions & Investments, Compliance Reporter, ThinkAdvisor, HFMCompliance:
- Pensions & Investments – “SEC announces June 5 vote on Reg BI package” (May 24, 2019)
- HFMCompliance - “SEC finalises guidance on fiduciary duty for investment advisers,” (June 11, 2019)
- Bloomberg Law - “SEC Broker-Conflict Rules Face Wary Dems, States, and AARP,” (June 11, 2019)
- Pensions & Investments - “Standards-of-conduct rules approved along party lines,” (June 10, 2019)
- Ignites - “'This Is Not a Win:' Firms and Investor Groups React to SEC Advice Rules,” (June 6, 2019)
- FundFire - “SEC Approves Rule Package Despite Criticism,” (June 6, 2019)
- Pensions & Investments - “Reg BI passed by SEC 3-1; lone Democrat dissents,” (June 5, 2019)
- ThinkAdvisor - “Will Reg BI Be Hammered by Lawsuits?,” (June 4, 2019)
- ThinkAdvisor - “LIVE UPDATES: SEC’s Reg BI Vote on June 5,” (June 2, 2019)
- Compliance Reporter - “SEC revives debate over 'solely-incidental' advice in Reg. BI vote,” (May 29, 2019)
- Pensions & Investments - “SEC announces June 5 vote on Reg BI package,” (May 24, 2019)
- ValueWalk - “The SEC Is Ready To Approve Regulation Best Interest,” (May 24, 2019)
- Pensions & Investments - “Stakeholders await SEC’s final rule regarding Reg BI,” (April 15, 2019)
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