Initial Reactions to SEC Staff's Study on Fiduciary Duty for Advisers and Brokers

For a survey of first opinions on the SEC Staff's Study on Investment Advisers and Broker-Dealers from some key players in the investment adviser and broker-dealer industries, see InvNews, Battle lines drawn after SEC backs fiduciary standard.  The title of the article, however, is a bit hyperbolic.  In fact, the principal conclusion of the Study -- a uniform standard of conduct based on fiduciary principles -- was widely anticipated and generally accepted.  Rather than a battle, we can expect many skirmishes and jockeying for position as the SEC moves ahead to consider implementation.  And Commissioners Casey and Paredes have made it clear that much more empirical work needs to be done before they will sign on to new regulation.