Conflicts of Interest Rules for Advisers

An investment adviser owes its clients a fiduciary duty under Section 206 of the Advisers Act, made up of a duty of care and a duty of loyalty. The duty of loyalty requires the adviser to eliminate a conflict or make full and fair disclosure of it, so the client can give informed consent.

Most conflicts are disclosed in Form ADV Part 2A and, for retail investors, Form CRS. Several rules address particular conflicts directly, including personal trading, political contributions, custody and the Marketing Rule's treatment of paid testimonials.

9 documents on conflicts, ordered by legal weight

• Current · binding law

  Antifraud provision

  Advisers Act Section 206 · 15 U.S.C. 80b-6

• Current · binding law

  Brochure Rule

  Rule 204-3 · 17 CFR 275.204-3

• Current, conditional · binding law

  Form CRS Delivery Rule

  Rule 204-5 · 17 CFR 275.204-5

• Current · binding law

  Code of Ethics Rule

  Rule 204A-1 · 17 CFR 275.204A-1

• Current · binding law

  Marketing Rule

  Rule 206(4)-1 · 17 CFR 275.206(4)-1

• Current, conditional · binding law

  Custody Rule

  Rule 206(4)-2 · 17 CFR 275.206(4)-2

• Current · binding law

  Pay-to-Play Rule

  Rule 206(4)-5 · 17 CFR 275.206(4)-5

• Current · Commission position

  Marketing Rule adopting release

  Release No. IA-5653 · 86 FR 13024

• Current · observations, not law

  FY2026 examination priorities

  Examination Priorities FY2026