Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Thursday, February 14, 2013

SEC's Walter Says Staff Plans to Seek Information from Public on Retail Financial Advice Providers

We have not heard much lately from the SEC about a "uniform fiduciary duty" for broker-dealers and investment advisers.  Today, at a Senate Banking Committee hearing on "Wall Street Reform: Oversight of Financial Stability and Consumer and Investor Protections,"  SEC Chairman Elisse B. Walter stated (in her written testimony)  that since the publication of the IA/BD Study by the SEC staff, in January 2011:

the staff, including the Commission’s economists, continues to review current information and available data about the marketplace for personalized investment advice and the potential impact of the study’s recommendations. While we have extensive experience in the regulation of broker-dealers and investment advisers, we believe the public can provide further data and other information to assist us in determining whether or not to adopt a uniform fiduciary standard of conduct or otherwise use the authority provided under Section 913 of the Dodd-Frank Act. To this end, the staff is drafting a public request for information to obtain data specific to the provision of retail financial advice and the regulatory alternatives. The request aims to seek information from commenters – including retail investors, as well as industry participants – that will be helpful to us as we continue to analyze the various components of the market for retail financial advice.

The written testimony also summarizes other steps taken by the agency to implement Dodd-Frank.

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