Compliance Newsflash for June 21st, 2019

On June 5, 2019, the SEC adopted two rules and published two interpretations “designed to enhance the quality and transparency of retail investors’ relationships with investment advisers and broker-dealers.” This Alert discusses the Regulation Best Interest adopting release and the SEC interpretive release regarding the “solely incidental” prong of the broker-dealer exclusion from the Advisers Act. Separate Ropes & Gray Alerts discuss the SEC release on the standard of conduct for investment advisers and the SEC adoption of Form CRS.

On June 5, 2019, the SEC adopted two rules and published two interpretations “designed to enhance the quality and transparency of retail investors’ relationships with investment advisers and broker-dealers.” This Alert discusses the Regulation Best Interest adopting release and the SEC interpretive release regarding the “solely incidental” prong of the broker-dealer exclusion from the Advisers Act. Separate Ropes & Gray Alerts discuss the SEC release on the standard of conduct for investment advisers and the SEC adoption of Form CRS.

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