Written by
Blaine Aikin, AIFA®, CFA, CFP®, Executive Chairman
Fi360 and CEFEX
Duane Thompson, AIFA®, Senior Policy Analyst
Fi360
About this paper:
On June 5, 2019, the SEC adopted its four-part regulatory package impacting the standards of conduct governing the behavior of broker-dealers and registered investment advisors (RIAs). All four parts of the package passed by a 3-1 vote of the Commissioners, with Commissioner Robert Jackson dissenting in each case.
The actions taken by the SEC, which are described more fully in this white paper, are as follows:
Establish new Regulation Best Interest conduct standard,
Require broker-dealers and RIAs to provide clients a new Form CRS Relationship Summary disclosure document,
Provide an interpretation to “reaffirm and, in some cases, clarify the Commission’s views of the fiduciary duty that investment advisers owe to their clients under the Advisers Act”2, and
Provide an interpretation of the “solely incidental” prong of the brokerdealer exclusion under the Investment Advisers Act of 1940.
Download this white paper in which Blaine and Duane break down each of the four actions taken by the SEC, how each action impacts the industry, and our analysis as fiduciary advocates.
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