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SEC's Mary Jo White directs staff to develop fiduciary options document 

March 24, 2014
Mark Schoeff Jr., Investment News

Securities and Exchange Commission Chairman Mary Jo White has told agency staff to draft a document that outlines ways the regulator can reform rules governing investment advisers and brokers.

The guidance would give the five-member commission a foundation for determining whether to advance a proposal to raise investment-advice standards for brokers.

The Dodd-Frank financial reform law allows the SEC to promulgate a rule that would require brokers to act in the best interest of their clients — a bar that investment advisers already meet. Brokers are held to a suitability standard when recommending investment products.

Read more: Investment News

 
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