These web pages describe the notice filing laws of each state (and the District of Columbia) with respect to investment advisers registered with the SEC. The proposals' compliance obligations are generally consistent with the best interest obligations set forth in the Securities and Exchange.Applicants should heed the instructions for completing Form ADV and should update it over time per the form's instructions. The purpose of ERISA's fiduciary duty rules is to ensure that plans are operated in the best interests of plan participants and beneficiaries. Advisers Act of 1940 or under state investment advisor laws. Clayton has announced that completing the rule will be a key priority for the SEC during 2019. Background.