Commissioners Casey and Paredes have issued a statement that criticizes the SEC Staff study on a uniform fiduciary duty for Investment Advisers and broker-dealers for not providing an “adequate articulation or substantiation of the problems that would purportedly be addressed via that regulation. The Study also does not adequately recognize the risk that its recommendations could adversely impact investors.” They further note that the Dodd Frank Act does not require the SEC to establish a uniform standard in any particular time frame and call for further research and analysis. Their statement is available here.
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