1-Hour Program

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Overview

On June 5th the U.S. Securities and Exchange Commission adopted its package of rulemakings and interpretations governing the standard of conduct applicable to broker-dealers providing retail investment advice and the fiduciary duty applicable to SEC-registered investment advisers. The package includes the following specific components:

  • a new rule “Regulation Best Interest” for broker-dealers and natural persons who are associated persons of a broker-dealer when making recommendations to retail customers of any securities transaction or investment strategy involving securities or regarding the opening of an account;
  • the Form CRS Relationship Summary, requiring registered broker-dealers and investment advisers to provide a brief relationship summary to retail investors;
  • an interpretation of the fiduciary duty applicable to SEC-registered investment advisers; and
  • an interpretation of the “solely incidental” prong of Section 202(a)(11)(C) of the Investment Advisers Act of 1940 (which provides an exclusion from the definition of investment adviser for broker-dealers who provide investment advice on a solely incidental basis to their brokerage activities and do not receive any special compensation for it).

An expert faculty will analyze the new rules set and discuss what you need to begin to do today to be ready for the compliance challenges posed by the new requirements. 

Moderator:

Clifford E. Kirsch
Eversheds Sutherland (US) LLP

Faculty:

Bradford T. Bartels
U.S. Securities and Exchange Commission
Division of Trading and Markets

Geeta Dhingra
U.S. Securities and Exchange Commission
Division of Trading and Markets

Susan S. Krawczyk
Eversheds Sutherland (US) LLP

Jennifer R. Porter
U.S. Securities and Exchange Commission
Division of Investment Management

Jennifer H. Songer
U.S. Securities and Exchange Commission
Division of Investment Management

 

Credit Details