Earlier this week, the House of Representatives passed H.R. 2374, the Retail Investor Protection Act of 2013, by a vote of 254-166. The bill prohibits the Secretary of Labor from prescribing any regulation under ERISA defining the circumstances under which an individual is considered a fiduciary until 60 days after the SEC has issued a final rule governing standards of conduct for brokers and dealers.
The bill also amends the Securities Exchange Act of 1934 to prohibit the SEC from imposing an investment advisor standard of conduct as the standard of conduct of brokers and dealers before it has ascertained...
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