On June 5, 2019, the Securities and Exchange Commission (SEC) voted to adopt a package of rulemakings and interpretations designed to enhance the quality and transparency of retail investors’ relationships with investment advisers and broker-dealers. Under the package, there are two separate interpretations related to the Investment Advisers Act of 1940 (“Investment Advisers Act”), one related to the investment advisers’ fiduciary duty and the other related to the solely incidental exclusion for broker-dealers under the Investment Advisers Act. The biggest impact for investment advisers will be the requirement to develop and deliver to clients a client relationship summary (Form CRS/Form ADV Part 3). The new rules and interpretations will become effective 60 days after they are published to the SEC’s Federal Register, which was done on June 5, 2019. The compliance date for filing the Form CRS/Form ADV Part 3 with SEC and beginning delivery to clients is June 30, 2020.
Date Recorded: June 20, 2019
Time: 86 minutes
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