Understanding The Investment Adviser Regulatory Scheme

Lawyers counseling investment advisers should be aware that the U.S. Securities and Exchange Commission does not view the Investment Advisers Act as imposing a comprehensive regulatory scheme. Rather, advisers are subject to a broad fiduciary duty to pursue the best interests of their clients, say James Anderson and Gretchen Passe Roin of Wilmer Cutler Pickering Hale and Dorr LLP.