SEC Investor Advisory Committee Supports Imposing a Fiduciary Duty on Broker-Dealers

November 22, 2013

The SEC’s Investor Advisory Committee voted to extend a fiduciary duty to broker-dealers when they provide personalized investment advice to retail investors, and to call for legislation to fund investment adviser examinations. The Committee also supports assessing user fees to help boost advisor exams.

The Dodd-Frank financial reform law gave the SEC the authority, but did not require it, to impose a uniform fiduciary duty for retail investment advice. The SEC has not indicated when or whether it will propose a rule.

Please click here to access the recommendation.


Investment Advisers