SRP Feature (Part 2): How to define best interests, or not

Relatively radical in part, the US Securities and Exchange Commission (SEC) has adopted an approach to defining best interests that has been likened to a ruling on the test for obscenity in the Jacobellis v Ohio court case in 1964, when Justice Potter Stewart of the US Supreme Court encapsulated the test as, 'I know it when I see it'. While it might be odd to compare a test for obscenity with one for best interests, the principle of judging in hindsight is a sound one, although not useful for p