The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu The leading online blog in the fields of corporate governance and financial regulation. Sat, 16 May 2026 11:30:10 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.8 https://corpgov.law.harvard.edu/wp-content/uploads/2024/02/cropped-photography-4-e1706898544564-1-32x32.png Protecting Main Street Investors: Regulation Best Interest and the Investment Adviser Fiduciary Duty – The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu 32 32 Protecting Main Street Investors: Regulation Best Interest and the Investment Adviser Fiduciary Duty https://corpgov.law.harvard.edu/2019/07/09/protecting-main-street-investors-regulation-best-interest-and-the-investment-adviser-fiduciary-duty/?utm_source=rss&utm_medium=rss&utm_campaign=protecting-main-street-investors-regulation-best-interest-and-the-investment-adviser-fiduciary-duty https://corpgov.law.harvard.edu/2019/07/09/protecting-main-street-investors-regulation-best-interest-and-the-investment-adviser-fiduciary-duty/#comments Tue, 09 Jul 2019 16:05:14 +0000 https://corpgov.law.harvard.edu/?p=120164?d=20190709120514EDT Posted by Jay Clayton, U.S. Securities and Exchange Commission, on Tuesday, July 9, 2019
Editor's Note:

Jay Clayton is Chairman of the U.S. Securities and Exchange Commission. This post is based on Chairman Clayton’s recent speech in Boston, Massachusetts, available here. The views expressed in this post are those of Mr. Clayton and do not necessarily reflect those of the Securities and Exchange Commission or its staff.

Good evening and thank you for being here. [1]

As many of you know, in June, the Securities and Exchange Commission adopted a package of rules and interpretations that will enhance the quality and transparency of retail investors’ relationships with broker-dealers and investment advisers. Importantly, they bring the legal requirements and mandated disclosures for broker-dealers and investment advisers in line with reasonable investor expectations. These actions do not attempt to favor one type of service or relationship. Rather, they are designed to increase investor protection while preserving access for Main Street investors—both in terms of choice and cost—to a variety of investment services and products.

Our rules and interpretations benefit from and build upon the Commission’s extended history of broker-dealer and investment adviser regulation, the substantial experience and expertise of our staff, our analysis over many years of prior efforts to modernize and improve regulation in this area, and the many thoughtful comments and other feedback we received on our proposals. [2] Without question, these actions, individually and collectively, will significantly benefit Main Street investors.

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