By Knut Rostad Editor’s Note: This article represents a condensed version of the Institute’s newly released white paper on the March 1 SEC release (PDF). Mary Jo White has a clear opportunity to kick off her leadership at the SEC with a strong signal on investor protection. The Chairman can express support for the requirements […]
By Knut Rostad Avoiding or managing conflicts of interest is, arguably, the center piece of a fiduciary’s responsibility and the glue in an advisor/client relationship of trust and confidence. At least this is what one might surmise from the investment professionals who advised Congress as it crafted the Advisers Act of 1940, or the Supreme […]
A discussion of the differences in the standards of investment advisers and brokers is essential amidst the calls for “harmonizing” the two. This paper seeks to highlight how these two standards differ in terms of the legal requirements and duties imposed on advisers and brokers.
SIFMA’s proposal departs from the fiduciary standard as set forth under the Advisers Act of 1940 and, if adopted, would be particularly harmful to retail investors.
“We Stopped Putting Our Clients First” Greg Smith, a 12-year veteran executive of Goldman Sachs, set Wall Street buzzing this morning with his explanation on the opinion pages of The New York Times of why he had just resigned. Smith’s chronicle of how the firm changed during his tenure underscores why Wall Street needs to […]
February 8, 2012 – The Wall Street Journal Who Can Investors Trust in the US? What appears to be about to happen is that US regulators are going to abandon a 70-year-old standard (or a 750-year-old standard, depending on how you count) that made fiduciaries responsible for their trustworthy behaviour