The issues include sustainable investing, proxy voting, modernization of the Custody and Pay-to-Play Rules, e-delivery, investor testing of Form CRS, appropriate regulation of smaller advisers, and effective coordination with other regulators.
“Bad information, or a lack of information, can lead to bad regulation, which can result in both unnecessary burdens and missed opportunities.” That’s the key takeaway from SEC Commissioner Caroline Crenshaw’s keynote address at the annual Conference on Financial Market Regulation on May 14.
On June 30, the SEC’s new standard of conduct for broker-dealers (Reg BI) and Form CRS for advisers and brokers went live, with the Advisers Act fiduciary interpretation having already been in effect over the past year.
An adviser’s fiduciary duty might not look much different today than it did a year ago, viewed strictly from the standpoint of the obligations owed. After all, advisers must still meet fundamental duties of loyalty and care.
Advisers are permitted to use the word “fiduciary” in their disclosures, including new Form CRS, contrary to recent press reports that seem to imply otherwise.
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