SEC Proposes Standard of Conduct Interpretation and Enhanced Regulation for Investment Advisers; Private Fund Manager Penalized for Failing to Disclose Conflicts of Interest

On April 18, 2018, the Securities and Exchange Commission (“SEC”) proposed a long-anticipated package of rulemakings and interpretations aimed at establishing a broker-dealer standard of conduct and clarifying investor confusion about differences in a customer relationship with a broker-dealer and investment adviser.