The Revolution in Investment Advisor Regulation

The Investment Lawyer, Vol. 18, No. 10, October 2011

St. John's Legal Studies Research Paper No. 19-0023

12 Pages Posted: 11 Jun 2019

Date Written: October 10, 2011

Abstract

Australia and the United Kingdom (UK) have been engaged in radical revisions of their respective regulatory regimes for investment advisers that provide advice to retail clients. In contrast, most of the discussion in the United States has focused on whether broker-dealers should be subjected to some form of fiduciary duty and whether investment advisers need their own self-regulatory organization. The reforms in Australia and the United Kingdom have been particularly radical in severely restricting the types of compensation that can be paid to an investment adviser by a financial institution that has created the product that the investment adviser is advising a retail client to purchase. Other important reforms have been suggested in Australia and enacted in the UK that involve investment advisers, but this article focuses on changes to compensation paid to an investment adviser by a retail client for advice.

Suggested Citation

Facciolo, Francis, The Revolution in Investment Advisor Regulation (October 10, 2011). The Investment Lawyer, Vol. 18, No. 10, October 2011, St. John's Legal Studies Research Paper No. 19-0023, Available at SSRN: https://ssrn.com/abstract=3402104

Francis Facciolo (Contact Author)

St. John's University School of Law ( email )

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Jamaica, NY 11439
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