SEC Releases Study on Broker Dealers and Investment Advisors with Recommendations toward a Uniform Fiduciary Standard and Harmonization of Regulation


New York, NY - On Friday, January 21st, 2011, the SEC released a Study on Broker Dealers and Investment Advisors as required by Section 913 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The study aims to evaluate the effectiveness of existing regulations governing the provision of investment advice to retail customers – and – whether there are gaps, shortcomings, or overlaps in the different standards of protection currently employed.

From the Regulators on a Uniform Fiduciary Standard and Harmonization of Regulation: In the study on broker dealers and investment advisors, the Staff of the SEC finds that retail investors are generally not aware of the differences in regulatory guidelines governing broker dealers and investment advisors nor the legal implications of those differences and investor protection would be increased through a uniform fiduciary standard and harmonization of regulation.

As the debate continues, regulators will continue to look to the financial community for guidance on how regulatory changes will affect their firms, so ACI encourages our clients and members of the financial community to consider how these changes would affect them and what guidance they?ll need to react accordingly when the time comes. For assistance with regulatory compliance programs, contact or call 212-668-8700.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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