SEC Study on Investment Advisers and Broker-Dealers

On January 21, the SEC submitted to Congress a study on investment advisers and broker-dealers, as required under Section 913 of the Dodd-Frank Act. The SEC recommended that it adopt and implement a uniform fiduciary standard of conduct for investment advisers and broker-dealers, no less stringent than the standards applied to investment advisers under the Advisers Act, when those financial professionals provide personalized investment advice about securities to retail investors. SEC Release. SEC Staff Study.