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On June 5, 2019, the U.S. Securities and Exchange Commission (SEC) adopted a package of four regulatory measures focused on retail investors' relationships with investment advisers and broker-dealers. The package includes two new final rules and two interpretations of existing definitions and obligations (click on hyperlinks for full adopting releases):

To read the SEC's press release announcing and summarizing these releases, please click here.  The SEC's proposing releases for these measures received over 6,000 comment letters and resulted in numerous investor and industry meetings. Regardless of the focus on retail investors, every U.S. investor, investment adviser and broker-dealer will be affected by these new measures.  We expect further guidance and interpretation to be provided by the SEC as to the application of these new rules and interpretations, as the financial industry processes their meaning.

Hirschler will provide further analysis of these releases in the near future. In the meantime, please feel free to contact us if you have any questions.

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Heather A. Scott

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