This session will dissect the Commission’s recent interpretation of the Standard of Conduct for Investment Advisers under the Investment Advisers Act of 1940 (“Advisers Act”). This exercise will begin with a review of the history of an adviser’s fiduciary duty, and then will deep dive into the current iteration with a discussion of the underlying Duty of Care and the Duty of Loyalty.
• Understand the impetus of the investment adviser’s fiduciary duty.
• Analyze the principles underlying the Duty of Care (such as the duty to seek best execution)
• Learn how to act under the Duty of Loyalty (What is full and fair disclosure? How to act in the client’s best interest?)
• Apply the nuances of the current day interpretation to industry practice