SEC Adopts New Rules and Interpretations for Investment Advisers and Broker-Dealers

June 11, 2019

On June 5, 2019, the Securities and Exchange Commission (SEC) adopted a set of rulemakings and interpretations governing the duties investment advisers and broker-dealers have to their clients. The SEC adopted four items: Regulation Best Interest; a new Form CRS Relationship Summary; an interpretation under the Investment Advisers Act of 1940, as amended (Advisers Act) of the fiduciary duties of an investment adviser; and an interpretation of the “solely incidental” prong of the broker-dealer exclusion of the Advisers Act.

Seward & Kissel has recently prepared a memorandum that discusses the rulemakings and interpretations in greater detail.


Compliance, Investment Advisers, Investment Companies, Mutual Funds, Regulatory