News & Analysis as of

Fiduciary Duty Securities Transactions Conflicts of Interest

Troutman Pepper Locke

SEC Charges TZP Management Associates With Breaching Fiduciary Duty by Overcharging Management Fees to Private Funds

Troutman Pepper Locke on

Last week, TZP Management Associates, LLC (TZP), a New York-based private equity investment adviser, agreed to pay more than $680,000 in monetary relief to settle charges brought by the Securities and Exchange Commission...more

Carlton Fields

The SEC's First Regulation Best Interest Action and the Challenges of Regulating By Enforcement

Carlton Fields on

In June 2022, the U.S. Securities and Exchange Commission (SEC) filed its first complaint alleging violations of both the care and compliance obligations of Regulation Best Interest, or Reg BI. In SEC v. Western International...more

Rumberger | Kirk

Implementing Reg-BI and Preparing for Examinations: The Compliance Obligation

Rumberger | Kirk on

With SEC Regulation Best Interest (“Reg-BI”) effective as of June 30, 2020, SEC examiners will now focus on whether firms have made a good faith effort to implement policies and procedures (“P&Ps”) that are necessary for...more

Carlton Fields

Reg BI Compliance Countdown: T-Minus Six Months

Carlton Fields on

As the June 30, 2020, compliance date approaches, broker-dealers are taking steps to implement Regulation Best Interest (Reg BI), which establishes a new standard of conduct when making recommendations to retail customers of...more

Rumberger | Kirk

Minimizing Liability Under the SEC’s Reg-BI

Rumberger | Kirk on

Litigation Risks Posed by the SEC’s Regulation Best Interest - Pete Tepley and Meredith Lees highlight litigation risks posed by the SEC’s Regulation Best Interest (Reg-BI), litigation risks that may arise from Reg-BI’s...more

Vedder Price

The New Standards for Investor Protection: An Analysis of Regulation Best Interest, Form CRS and Two Interpretations of the US...

Vedder Price on

On June 5, 2019, the Securities and Exchange Commission (the “SEC”) voted three to one to approve a package of rulemakings and interpretations designed to enhance the quality and transparency of investors’ relationships with...more

Faegre Drinker Biddle & Reath LLP

SEC Interpretation Offers Clarification on an Investment Adviser’s Duties of Care and Loyalty

As part of its “Reg BI Package”, approved on June 5, 2019, the Securities and Exchange Commission (the “SEC”) sought to clarify the fiduciary duty that an investment adviser owes to its clients under the Investment Advisers...more

Vedder Price

SEC Adopts Rules and Interpretations Concerning the Standard of Conduct for Broker-Dealers and Investment Advisers

Vedder Price on

On June 5, 2019, the SEC adopted a package of rules and interpretations addressing standards of conduct for broker-dealers and investment advisers: • Regulation Best Interest. Regulation BI establishes a standard of...more

K&L Gates LLP

SEC Adopts A New Best Interest Standard of Conduct

K&L Gates LLP on

Securities firms should begin reviewing their business models and account types to determine if they will be subject to a sweeping investor-protection regulatory regime recently adopted by the Securities and Exchange...more

Eversheds Sutherland (US) LLP

SEC approves investment advice standard of conduct rules

Today, in a 3-1 vote, the US Securities and Exchange Commission (SEC) adopted a comprehensive package of rulemakings and interpretations governing the standard of conduct applicable to broker-dealers providing retail...more

Tucker Arensberg, P.C.

SEC Approves its Regulation Best Interest and Other Proposals

On June 5, 2019, the Securities and Exchange Commission voted to adopt its proposed regulations on the conduct of broker-dealers and investment advisers, including Regulation Best Interest, Form CRS, and two interpretations...more

Robins Kaplan LLP

Robo-Advisors Have the Ability to Meet Fiduciary Standards, but Not All Do

Robins Kaplan LLP on

Have you ever considered investing your money with a robot? A new category of investment advisers known as robo-advisors are automated, low-cost services that provide investment advice via web or mobile platforms....more

Carlton Fields

Suitability Working Group Stirs Ingredients for Suitability Model Potion

Carlton Fields on

On October 22 and 23, the NAIC Annuity Suitability (A) Working Group (Suitability WG) held an interim meeting to review comments received on the Suitability in Annuity Transactions Model Regulation (Model 275) (Suitability...more

Sheppard Mullin Richter & Hampton LLP

Regulation Best Interest: The SEC Responds to the DOL’s Fiduciary Rule

On April 18, 2018, the Securities and Exchange Commission published its proposed Regulation Best Interest. Regulation Best Interest would require broker-dealers and affiliated persons to act in the best interest of a retail...more

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