Commission Interpretation Regarding Standard of Conduct for Investment Advisers¶
U.S. Securities and Exchange Commission. Commission Interpretation Regarding Standard of Conduct for Investment Advisers.
Cited by¶
1 citation across 1 artifact.
Each citation links to the sentence it supports in the citing article.
Mechanisms¶
- Fiduciary Duty Rule
- Held to a fiduciary standard, the adviser is legally bound to recommend what is in the clients' best interest, not what pays the adviser most — the duty of loyalty — and to exercise the diligence a prudent professional would — the duty of care.
This sourceFederal Register. 84 FR 33669; Release IA-5248. (2019). Defines an investment adviser's fiduciary duty as duties of care and loyalty requiring best-interest advice, reasonable inquiry, and no subordination of the client's interest to the adviser's own.
- Held to a fiduciary standard, the adviser is legally bound to recommend what is in the clients' best interest, not what pays the adviser most — the duty of loyalty — and to exercise the diligence a prudent professional would — the duty of care.
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