Better Best Execution

Best Execution.png
Best Execution.png

Better Best Execution

6,000.00

Regulators and market participants around the world are increasingly focusing on investment advisers’ “best execution” obligations as an area for ripe for modernization. While the SEC has made it clear that investment advisers have “best execution” responsibilities, it is not clear what these responsibilities entail. In this cloudy environment, investment advisers have spent decades developing various strategies to fulfill their duties. These strategies have varied significantly over time, across firms, and even across asset classes and funds within firms. In recent years, technological advances in markets and trading operations, and more recently, regulators’ expectations, have accelerated the evolution of these increasingly sophisticated strategies.

This Report seeks to offer investment advisers in the United States:
● a practical review of the legal framework of their best execution obligations and related disclosures;
● a survey of many current strategies used by investment advisers to meet their obligations;
and
● a preview of likely refinements to the regulation of and strategies used by investment advisers.

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Advancements in the markets, advancements in technology and new regulatory actions appear to be increasing expectations for advisers. And while the United States, the SEC has yet to take formal action to expand or clarify investment advisers’ obligations, globally regulators actions such as those found in MiFID II demonstrate regulatory awareness in narrowing and enhancing responsibilities. Investment advisers should nevertheless be aware of developments in the markets and technology, and revise their policies, procedures, and practices accordingly.