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Series
Financial Professional Standards
The Securities and Exchange Commission (SEC) formally adopted four regulatory measures intended to enhance the protection of retail investors while preserving existing investment industry business models and the ability of investors to choose among different types of providers. Specifically, the SEC adopted: (1) new Regulation Best Interest; (2) new Form CRS; (3) an interpretation of an investment adviser’s fiduciary duties; and (4) an interpretation of the “solely incidental” prong of the broker-dealer exclusion from the definition of an “investment adviser” under the Investment Advisers Act of 1940. The materials on this webpage include, among other things, our detailed analyses of each of the above items.
Thought Leadership
In a landmark ruling with far-reaching consequences for federal agencies and the regulated community, the Supreme Court overturned the 40-year-old Chevron doctrine.
Over the last week, several registered investment advisers have received examination letters, issued from both the Securities and Exchange Commission’s national office in Washington, D.C., and from at least one regional office, related to the shortening of the settlement cycle to T+1. The questions and requests in these letters highlight areas advisers may want to consider with respect to their own implementation.
While most of the attention surrounding the Supreme Court’s (the Court) decision in Loper Bright v. Raimondo (Loper), overturning the longstanding Chevron doctrine, has focused on the increased potential for successful challenges against agency actions, the decision will impact all stages of the public policy lifecycle—legislation, regulation, and only then litigation.
Investment advisers offering funds in more than one country are accustomed to adapting to different regulatory requirements.