The SEC’s New Standards
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On June 5, 2019, the Securities and Exchange Commission (“SEC”) voted to adopt a comprehensive package of rulemakings and interpretations designed to enhance the quality and transparency of retail investors’ relationships with investment advisors and broker-dealers. The rulemaking package seeks to align the standards of conduct and investor disclosures with investor expectations, while preserving access (in terms of choice and cost) to a variety of investment products and services.
This article provides a high-level summary of the rulemaking package and explores its implications for registered investment advisors and dual registrants.