Securities
Dec. 10, 2025
SEC dials back 'Conflicts Everywhere' standard for investment advisers
See more on SEC dials back 'Conflicts Everywhere' standard for investment advisersAfter nearly a decade of treating every adviser conflict as material, the SEC may be changing course -- offering potential relief, but also new compliance and enforcement risks.
Peter I. Altman
Partner
Akin, Gump, Strauss, Hauer & Feld LLP
Phone: (310) 728-3085
Email: paltman@akingump.com
Brooklyn Law School
Peter represents investment management firms, private and public companies, and individuals in white collar and other government enforcement and regulatory matters, securities class litigation and internal investigations. He also advises investment advisers on day-to-day risk management issues related to topics including securities trading, compliance with the Investment Advisers Act, and the use of big data and alternative forms of electronic communication.
For nearly a decade, the Securities and Exchange Commission's (SEC) Enforcement Division has advanced a sweeping proposition: Every conflict of interest involving an investment adviser is material. Under this construct, any failure to eliminate a conflict, no matter how attenuated, supports an allegation of wrongdoing under the expansive anti-fraud provisions of the Investment Advisers Act. Recent developments, however, suggest a pivot from this app...
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