Obligations of Brokers, Dealers, & Investment Advisers

SIFMA provides comments to the Securities and Exchange Commission (SEC) on a study regarding obligations of brokers, dealers, and investment advisers, Exchange Act Release No. 62577, Investment Advisers Act Release No. 3058, File No. 4-606.

The request for public comment was mandated by Section 913 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”). Throughout the legislative process and debate that preceded the enactment of the Dodd-Frank Act, SIFMA has supported the development of a clearly defined, uniform federal fiduciary standard of care for broker-dealers and investment advisers when providing personalized investment advice about securities to retail clients.

SIFMA welcomes Congress’s enactment of section 913 of the Dodd-Frank Act, which provides the basis for a strong, uniform standard of care, and the SEC’s study of the issue SIFMA details key principles that SIFMA believes should guide the development of a uniform standard of care.