Regulatory Alerts2021-11-11
GEN.S.10.18 – Fiduciary Responsibilities of Financial Institutions
The financial regulator issued this guidance to clarify the fiduciary responsibilities of financial institutions regarding client asset management and advisory obligations. The document establishes binding compliance requirements, outlines specific duty-of-care benchmarks, and mandates transparent reporting for trustees and asset managers. Effective upon its October 2024 update, the revised framework strengthens client protections and standardizes fiduciary conduct across regulated entities.
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