CFTC / SEC Joint Report recommends that a “consistent standard” apply to all providers of advisory services

In the section on Financial Intermediaries, the CFTC/SEC Joint Report “recommends legislation that would impose a uniform fiduciary duty on intermediaries who provide similar investment advisory services regarding futures or securities. Consistent with Title IX of the Administration’s financial regulatory reform legislation, which seeks to establish a uniform standard of conduct for broker-dealers and investment advisers, the agencies recommend that a consistent standard apply to any CTA, FCM, introducing broker (“IB”), broker-dealer, or investment adviser who provides similar investment advisory services”.

About The Author

Felix Shipkevich

Felix Shipkevich is a Manhattan-based attorney and general counsel for Shipkevich Law Firm. He has extensive experience working with the CFTC and NFA on registration, compliance, and enforcement issues for CPOs, CTAs, FCMs, IBs, and RFEDs. Felix also practices intellectual property and corporate governance law.