SEC Wants Common Standard for Brokers, Advisers. The U.S.
Securities and Exchange Commission is recommending a common fiduciary standard for brokers and registered investment advisers who provide personalized investment advice. The SEC said there’s a need for a uniform fiduciary standard “no less stringent than currently applied to investment advisers,” according to the staff report delivered to Congress yesterday.
The agency was asked by Congress to study the effectiveness of current rules with the option of creating a universal standard as part of the Dodd-Frank financial services overhaul law enacted on July 21. Broker-dealers currently are held to a suitability standard that calls for advice that meets their clients’ needs when the product is sold, instead of the fiduciary duty imposed on registered investment advisers to put their clients’ best interests first. Services: Testing and Assessment. Compliance Search Group. Exam Preparation - SERIES 3 EXAM - SERIES 65 EXAM - SERIES 7 LICENSE.