What is Fiduciary Duty?
Fiduciary Duty A legal and ethical obligation requiring portfolio managers and trustees to act in the best interests of clients or beneficiaries, prioritizing loyalty, prudence, and full disclosure (CFA Institute, ERISA, SEC, MiFID II).
Source: CFA Institute, IFRS Foundation, FASB (GAAP), Basel III Framework
How is “Fiduciary Duty” Used in Practice?
Fiduciary duty compels asset managers to avoid conflicts of interest and provide transparent reporting to clients and beneficiaries.
Certification Exam Relevance
Who Needs to Know This Term?
- Financial Analysts
- Bankers
- Traders
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What is Fiduciary Duty?
A legal and ethical obligation requiring portfolio managers and trustees to act in the best interests of clients or beneficiaries, prioritizing loyalty, prudence, and full disclosure (CFA Institute, ERISA, SEC, MiFID II).
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