New SEC Rule Isn’t Just for Hedge Funds. How Retail Advisors Are Affected.

When the Securities and Exchange Commission adopted new rules for private fund advisors this week, it also made two moves that will affect a broader swath of registered investment advisors than just the private-fund community.

First, the commission mandated that all advisors document an annual review of their compliance policies and procedures, whether they work with private funds or not.

Second,…