IAA Wants SEC to Keep Fiduciary Standard for Advisers, Create New Standard for Brokers

The Investment Advisers Association has staked out its position in the ongoing tussle over creating appropriate standards of care for advisory firms and broker-dealers. The SEC, it believes, should retain the existing Advisers Acts fiduciary standard for investment advisers, while creating a new and separate "best interest" standard for broker-dealers that is just as stringent.
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