Barrie Miguelita

Sec 2024 Fiduciary Duty. Fiduciary duty in the adopting release (i) scope of fiduciary duty The adopting release suggests greater flexibility for the sec to interpret and enforce the fiduciary duty of private fund managers, hence shifting the battlefield from rulemaking to examination and rulemaking by enforcement.

The sec needs to offer a more concrete interpretation of the duty of care, one that focuses on the research upon which investment recommendations are based. Comer, whom the sec previously charged with breaching their fiduciary duty in connection with a $6 million municipal bond offering by the harvey public library district in harvey, illinois.