The Rules & Interpretations*

New SEC Standards of Conduct Rules
The Rules & Interpretations

The Standards of Conduct Rulemaking package adopted by the Securities and Exchange Commission on June 5 consisted of four parts:

Regulation Best Interest (applying to broker-dealers)
Form CRS (applying to both broker-dealers and investment advisers)
An Interpretation of the Advisers Act Fiduciary Duty
An Interpretation of “Solely Incidental”

Below are links to the formal rules as adopted by the SEC:

Form CRS Relationship Summary; Amendments to Form ADV, Rel. No. 34-86032, IA-5247, File No. S7-08-18 (final rule)

Appendix A: Form ADV General Instructions

Appendix B: Instructions to Form CRS

Appendix C: Feedback Forms Comment Summary

Commission Interpretation Regarding Standard of Conduct for Investment Advisers, Rel. No. IA-5248, File No. S7-07-18

Commission Interpretation Regarding the Solely Incidental Prong of the Broker-Dealer Exclusion from the Definition of Investment Adviser, Rel. No. IA-5249

Regulation Best Interest: The Broker-Dealer Standard of Conduct, Rel. No. 34-86031, File No. S7-07-18 (final rule)