Jurisdiction(s):
United Kingdom

Key definition

Fiduciary definition

What does Fiduciary mean? In legal practice, a fiduciary is a person or entity who undertakes to act for, and in the interests of, another, creating a relationship of trust and confidence that requires loyalty and selflessness. The scope and incidents of fiduciary duty are principally defined by case law in England & Wales and Northern Ireland and are closely aligned in Ireland; Scots law recognises equivalent fiduciary obligations notwithstanding its different doctrinal foundations. Some duties are partly codified for company directors (Companies Act 2006 (UK) and Companies Act 2014 (Ireland)), but fiduciary is otherwise a descriptive expression used across contexts. Core fiduciary duties...

United States SEC regulation of investment advisers under the Investment Advisers Act 1940: fiduciary duties, anti‑fraud, custody, advertising, compliance programme, privacy, record‑keeping, contracts, reporting, and extraterritorial application

Published by a LexisNexis Financial Services expert

Practice notes

Under the Investment Advisers Act of 1940 (the Advisers Act), investment advisers registered with the securities and exchange commission (SEC) owe a sweeping fiduciary obligation to act in the best interests of their clients. (Be aware that most smaller to mid-sized investment advisers must register with one or more states and are barred from SEC investment adviser registration.) For an outline of the duties owed by such investment advisers, reference should be made to the applicable state statutes and regulations currently in force.

There are five broad types of obligations or requirements that are imposed on investment advisers by the SEC, namely:

a fiduciary duty of care owed to clients
Advisers Act prohibitions designed to deter fraud and other substantive regulation
books and records requirements
SEC supervision via inspection
contractual obligations

Fiduciary duty

Although not specifically enumerated in section 206 of the Advisers Act—the so‑called anti‑fraud provisions of the Advisers Act—there is a general requirement that investment advisers act as fiduciaries in all dealings with their clients. The investment adviser must avoid conflicts of interest with its clients and is prohibited from taking unfair advantage of its clients’ trust...

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Web page updated on 22/05/2026

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