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Text of SEC Proposed Rule: Form CRS Relationship Summary; Amendments to Form ADV; Required Disclosures in Retail Communications and Restrictions on the Use of Certain Names or Titles
U.S. Securities and Exchange Commission [SEC] Link to more items from this source
[Official Guidance]
Apr. 19, 2018

471 pages. "The [SEC] is proposing new and amended rules and forms ... to require registered investment advisers and registered broker-dealers (together, 'firms ') to provide a brief relationship summary to retail investors to inform them about the relationships and services the firm offers, the standard of conduct and the fees and costs associated with those services, specified conflicts of interest, and whether the firm and its financial professionals currently have reportable legal or disciplinary events. Retail investors would receive a relationship summary at the beginning of a relationship with a firm, and would receive updated information following a material change. The relationship summary would be subject to Commission filing and recordkeeping requirements.

"The Commission also is proposing new rules to reduce investor confusion in the marketplace for firm services, specifically: [1] a new rule under the Exchange Act that would restrict broker-dealers and associated natural persons of broker-dealers, when communicating with a retail investor, from using the term 'adviser' or 'advisor' in specified circumstances, and [2] new rules under the Exchange Act and Advisers Act that would require broker-dealers and investment advisers, and their associated natural persons and supervised persons, respectively, to disclose, in retail investor communications, the firm's registration status with the Commission and an associated natural person's and/or supervised person's relationship with the firm."

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