In The News

Ropes & Gray Asset Management Attorneys Widely Cited on SEC’s Package of Rulemaking on Adviser and Broker-Deal Conduct Standards

Practices: Asset Management, Investment Management, Investment Management Compliance, Investment Advisers, Hedge Funds, Private Investment Funds

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:

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