The SEC is studying the existing standards of care for broker-dealers offering personalized investment advice to retail investors. Comments have been flowing into the SEC identifying a number of the issues that would be raised by the imposition of a fiduciary duty standard on broker-dealers. By early 2011, the SEC will have completed its study and may have proposed new rules for broker-dealers.

Topics Will Include:

• Duties currently owed by broker-dealers to their customers;
• Standards applicable to investment advisers;
• Common law fiduciary duty principles;
• Practical issues raised by the imposition of a fiduciary duty on broker-dealers, including those related to trading on a principal basis, offering proprietary products, obtaining required consents, etc;
• How the imposition of a fiduciary duty may affect certain markets, including IPOs; and
• Action items for compliance personnel.

Speakers:

• Hillel T. Cohn
  Morrison & Foerster LLP
• Anna T. Pinedo
  Morrison & Foerster LLP

ALI-ABA's cost for this program is $199.

ALI-ABA will provide CLE credit.