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Email The Securities and Exchange Commission (the “SEC”) on June 5, 2019 released an interpretation of the standard of conduct required by the Investment Advisers Act of 1940 (the “Advisers Act”) of investment advisers as fiduciaries to their clients. The Release affirmed the SEC’s long–standing view that the scope of an adviser’s obligations must be based on overarching principles, as opposed to a laundry list of specific obligations. However, the Release does provide some useful examples of the application of an adviser’s fiduciary duty obligations to its clients, and additional information as to the SEC’s view of what constitutes full and fair disclosure by an adviser of its conflicts and informed consent to those conflicts by a client. The Release purports not to create any new legal obligations for advisers, and thus to be only an “interpretation” and not a rulemaking. The Release does not take a position on the scope o https://www.cadwalader.com/resources/clients-friends-memos/commission-interpretation--standard-of-conduct-for-investment-advisers-