SEC Publishes Public Request for Comment on Obligations and Standards of Broker-Dealers and Investment Advisers

July 28, 2010

The SEC requested comments regarding the obligations and standards of care of broker-dealers and investment advisers providing personalized investment advice about securities to retail investors.  The comments are being elicited in connection with an SEC study required under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which President Obama signed into law on July 21, 2010.

The SEC is requesting public input, comments, and data on issues related to the effectiveness of existing standards of care for brokers-dealers and investment advisers, and whether there are gaps, shortcomings, or overlaps in the current legal or regulatory standards.
 
The public comment period will remain open for 30 days, following publication of the comment request in the Federal Register.

Click here to access the press release about the request for comments about the fiduciary care standard.


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Investment Advisers, Regulatory