On June 5, 2019, the SEC published an interpretation of the standard of conduct for investment advisers under the Investment Advisers Act of 1940. The objective of the Proposed and Final Interpretations was to reaffirm and clarify certain aspects of an adviser's fiduciary duty under Section 206 of the Advisers Act. In the SEC's view, the Final Interpretation does not create new obligations.
Our Legal Update describes the SEC's interpretation of an adviser's standard of care and, where important or interesting, compares points made in the Proposed Interpretation and those in the Final Interpretation.
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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.