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Regulation of Retail Investment Advice

As firms develop their business and compliance strategies in response to the changing regulatory landscape for providing advice to retail investors, Morgan Lewis offers this resource for access to primary source materials, our analyses and thinking, and related Morgan Lewis events.

LawFlashes & Articles

How to Navigate the Evolving Standards of Care for Retail Investment Advice, The Review of Securities & Commodities Regulation
DOL Investment Advice Standards 4.0: Final Definition of Investment Advice Fiduciary and Amended Prohibited Transaction Exemptions
DOL Investment Advice Standards 4.0 - Final Rule and Amendment Redlines
DOL Final Amendment to PTE 84-14, the “QPAM Exemption”: Sample DOL Section 1(K) Notice and Internal QPAM Tracking Worksheet
DOL Final Amendment to PTE 84-14, the “QPAM Exemption”
DOL Investment Advice Standards 4.0: Proposed Definition of Investment Advice Fiduciary and Amended Prohibited Transactions Exemptions
DOL Prohibited Transaction Exemption Procedures: Redline Comparison of Original, Proposed, and Final Rules
A Rose Is a Rose: DOL’s New Fiduciary Proposal Is the Same as the Vacated 2016 Rule
DOL Investment Advice Standards 4.0: Redline Comparison of Proposed Rules and Exemptions
PTE 2020-02 Annual Retrospective Review Template
PTE 2020-02 Investment Advice Decision Tree and Worksheet
Comparison of the SEC’s Regulation Best Interest and DOL’s Final Investment Advice Class Exemption
Comparison of Proposed DOL Investment Advice Exemption to SEC Regulation Best Interest
Morgan Lewis eBook: DOL Investment Advice Standards Final Rule and Proposed Exemption

Primary Sources

Federal Register Version, Final Rule – Interpretative Bulletin 96-1 and Five-Part Test
Federal Register Version, Proposed Class Exemption – Improving Investment Advice for Workers & Retirees
News Release – DOL Proposes to Improve Investment Advice And Enhance Financial Choices for Workers and Retirees
DOL Fact Sheet – Improving Investment Advice for Workers & Retirees
Final Rule – Interpretive Bulletin 96-1, Five-Part Test
Proposed Class Exemption – Improving Investment Advice for Workers & Retirees
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LawFlashes & Articles

01/31/2023 - Recommending 529 Plans: Meeting Reg. BI’s Care Obligation
03/13/2020 - Reg. BI Disclosure Obligation Worksheet
12/03/2019 - Standard of Conduct: A Fund Perspective on Implementation
11/22/2019 - Sample CRS for Dual Registrants
08/27/2019 - CRS Schematic Template – Broker-Dealer
08/27/2019 - CRS Schematic Template – Investment Adviser
08/27/2019 - CRS Schematic Template – Dual Registrant
08/12/2019 - Reg. BI Day One Implementation Steps
07/22/2019 - ML Retail Advice Working Group – SEC Standards of Conduct: Rules & Interpretations

Primary Sources

Federal Register Versions
Regulation Best Interest: The Broker-Dealer Standard of Conduct
Form CRS Relationship Summary; Amendments to Form ADV
Commission Interpretation Regarding Standard of Conduct for Investment Advisers
Commission Interpretation Regarding the Solely Incidental Prong of the Broker-Dealer Exclusion from the Definition of Investment Adviser
Redlines
Form CRS (Redline Comparison to Proposal)
General Instructions to Form ADV (Redline Comparison to Proposal)
Investment Adviser Interpretation (Redline Comparison to Proposal)
Instructions to Form CRS (Redline Comparison to Proposal)
Regulation Best Interest (Rule Text Redline Comparison)
Other
SEC FAQ Reg. BI
SEC FAQ Form CRS
Reg BI and Form CRS Firm Checklist
States’ Complaint Against Reg. BI.
FINRA Regulation Best Interest Resource Page
Morgan Lewis Comment Letter on Proposed Reg. BI: Broker-Dealer Compensation & Conflicts Mitigation
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LawFlashes & Articles

09/19/2023 - Comparison of SEC’s Reg. BI. / Massachusetts Fiduciary Rule / NASAA’s Dishonest or Unethical Business Practices (Proposed)
07/10/2019 - SIFMA Regulation Best Interest Seminar: Outline for Panel Discussion on What’s Next?: State Fiduciary Rules and Preemption

Primary Sources

Nevada – Proposed Fiduciary Duty Regulation
New Jersey – Proposed Fiduciary Duty Regulation
Massachusetts – Proposed Fiduciary Conduct Standard Regulation
Massachusetts Comparison of Preproposal to Proposed Fiduciary Conduct Standard Regulation