International Briefings - February 2011


We’ll know for sure in January. The Securities and Exchange Commission (SEC) is required to report to Congress concerning its view of the efficacy of existing legal and regulatory standards of care for brokers, dealers and investment advisers and associated persons who provide personalised investment advice to, and make recommendations about securities to, retail customers. The Dodd-Frank Act requires that this report be submitted within six months’ time.

There were quite a number of factors outlined by Congress that should be considered in connection with the study, including whether retail customers understand the different standards of care currently owed by broker-dealers and investment advisers, and the impact of subjecting broker-dealers to the same standard of care applied to investment advisers.

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