SEC Staff - Study on Investment Advisers and Broker-Dealers

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January, 2011

The Dodd-Frank Act required the Securities and Exchange Commission (SEC) to conduct a study to evaluate the effectiveness of existing regulatory standards for investment advice and recommendations to retail customers, and whether there regulatory gaps, shortcomings, or overlaps in these standards. The study outlined the SEC staff findings and made recommendations for potential new rulemaking, guidance, and other policy changes. Staff recommendations include:

  • the adoption of a set of Uniform Fiduciary Standards covering broker-dealer and investment adviser conduct, loyalty, principal trading, investor education, and duty of care; and
  • harmonization of regulations in areas such as advertising and other communications, the use of finders and solicitors by investment advisers and broker-dealers, the use of finders and solicitors by investment advisers and broker-dealers, licensing and continuing education requirements, and book- and record-keeping.

The entire study can be found below.

References

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