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On June 5, 2019, the US Securities and Exchange Commission (SEC) published an interpretation of the standard of conduct for investment advisers under the Investment Advisers Act of 1940 (Advisers Act). The objective of the Proposed and Final Interpretations was to reaffirm and clarify certain aspects of an adviser’s fiduciary duty under Section 206 of the Advisers Act. In the SEC’s view, the Final Interpretation does not create new obligations. This Legal Update describes the SEC’s interpretation of an adviser’s standard of care and, where important or interesting, compares points made in the Proposed Interpretation and those in the Final Interpretation. 
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