The SEC’s Interpretation Regarding Standard of Conduct for Investment Advisers (Interpretation) recently became effective. Part of a collection of rulemakings and interpretations that also included the adoption of Regulation Best Interest and Form CRS, the Interpretation is, by far, the most relevant to SEC-registered investment advisers that advise private funds and other institutional clients. Although the Interpretation does not say anything particularly new about an adviser’s fiduciary duty, its detailed discussion regarding an adviser’s obligation to “make full and fair disclosure of all conflicts of interest” reinforces the SEC’s continuing focus on conflicts of interest in recent enforcement actions and risk alerts. This three-part series examines the practical implications of the Interpretation for private fund managers. The first article provides an overview of the Interpretation and explores six key takeaways for fund managers from the Interpretation. The second article outlines key tools that fund managers may employ to identify their conflicts of interest. The third article addresses best practices for investment advisers to manage their conflicts of interest.