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PLI’s blog edited by Clifford E. Kirsch on Regulatory Developments for BDs and IAs.
The legal framework applying to fiduciary investment advice is undergoing a sea change. The SEC has finalized its rulemaking that is dramatically changing the regulatory framework establishing standard of conduct obligations for broker-dealers, and has also issued interpretative guidance that clarifies the scope of advisers’ fiduciary duties. The DOL has indicated its rulemaking will be next and has signaled that its rule proposal will be out very soon. While the regulatory framework takes shape, regulators are subjecting regulatory entities to intense scrutiny regarding firms’ identification, disclosure and mitigation of conflicts of interest. In this program, we review the respective frameworks and discuss practical considerations for navigating the regulatory maze.
What You Will Learn
• The legal framework applying to fiduciary investment advice
• Practical implementation issues related to the SEC’s Regulation Best Interest Rule
• The impact of the State Securities Fiduciary Initiatives
• Regulatory expectations with respect to establishing a conflicts of interest program
• Current litigation and enforcement
Program Level: Overview
Intended Audience: Attorneys and other professionals involved in securities, corporate, banking and finance, and insurance law; in-house counsel and compliance professionals, financial advisors, bankers and accountants; and those employed in supervisory positions throughout the financial services industry.
Prerequisites: An interest in the rules governing fiduciary investment advice.
Advanced Preparation: None