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US - Standards of conduct for investment advisers and broker dealers

25/09/2018

On 18 April 2018, the US Securities and Exchange Commission (“SEC”) issued three documents with the stated goal of improving “the quality and transparency of investors’ relationships with investment advisers and broker-dealers while preserving investor access to a variety of advice relationships and investment products.

On 18 April 2018, the US Securities and Exchange Commission (“SEC”) issued three documents with the stated goal of improving “the quality and transparency of investors’ relationships with investment advisers and broker-dealers while preserving investor access to a variety of advice relationships and investment products. The three proposals concern :

  • a proposed rule under the Securities Exchange Act of 1934 (“Exchange Act”) establishing a standard of conduct for broker-dealers and natural persons who are associated persons of a broker-dealer;
  • a proposed interpretation regarding the standard of conduct for investment advisers under the Investment Advisers Act of 1940 (the “Advisers Act”); and
  • proposed new and amended rules under the Advisers Act and the Exchange Act that, among other things, require registered investment advisers and registered broker-dealers to provide a brief relationship summary to retail investors in a mandatory disclosure form that summarizes key aspects of the relationship between such firms and their clients.
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