Regulation Best Interest
In an open meeting on April 18, the Securities and Exchange Commission voted four to one to issue two new rules and one interpretative release that are intended to provide investor protections and regulatory clarity, as well as investor access and choice. Specifically, the SEC issued Regulation Best Interest, Investment Adviser Standard of Conduct Interpretation, and Form CRS – Relationship Summary. Each component of the SEC’s proposal is available for public comment for 90 days after publication in the Federal Register.
This is the first in a series of articles describing the SEC’s proposal package. This first article addresses the Regulation Best Interest portion of the package.
Investment Adviser Standard of Conduct
As described in our first article, the Securities and Exchange Commission voted on April 18 to issue a proposal package that includes two new rules and one interpretative release. According to the SEC, each component of the proposal – Regulation Best Interest, Investment Adviser Standard of Conduct Interpretation, and Form CRS – Relationship Summary – is intended to enhance investor protections and regulatory clarity while maintaining investor access and choice. Each component of the SEC’s proposal is available for public comment for 90 days after publication in the Federal Register.
This article is the second in a series and describes the Investment Adviser Standard of Conduct Interpretation portion of the SEC’s fiduciary proposal.
Form CRS
On April 18, the Securities and Exchange Commission issued a proposal package that includes two new rules and one interpretative release. The package consists of three components – Regulation Best Interest, Investment Adviser Standard of Conduct Interpretation, and Form CRS – Relationship Summary. According to the SEC, the proposal is intended to balance investor protections and regulatory requirements with investor access and choice regarding investment services. Each component of the proposal package is available for public comment for 90 days after publication in the Federal Register.
In our first article, Spencer Fane LLP described the Regulation Best Interest proposed by the SEC. Our second article explained the SEC’s interpretative release regarding investment advisers’ conduct standard. This article is the third in our series and describes the Form CRS – Relationship Summary portion of the SEC’s fiduciary proposal.