The Commission adopted a new rule 204A-1 requiring SEC-registered investment advisers to adopt and enforce codes of ethics that establish standards of conduct expected of supervised persons and reflect the adviser's fiduciary duties. A code of ethics must require supervised persons to comply with applicable federal securities laws, and certain supervised persons ("access persons") must report their personal securities holdings and transactions, including transactions in mutual funds advised by the adviser or an affiliate. Advisers must, on their Form ADV Part 2 Item 11, describe their code of ethics and state that they will provide a copy of the code to any client or prospective client on request.