On March 1, the SEC issued a long-awaited request for data from the public and other interested parties about whether to align the standards of conduct for broker-dealers and investment advisers. The agency’s data request focuses largely on the benefits and costs of the current standards, as well as alternative approaches.
“Studies have shown that few investors realize that the standard of care they receive depends on the type of investment professional they use. And often investors do not know which type of financial professional they are relying on,” said SEC Chairman Elisse B. Walter. “This request for information will help us in our ongoing consideration of alternative standards of conduct for certain broker-dealers and investment advisers, as well as potential harmonization of other aspects of regulation in this area.”
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