Lobbyists set sights on the SEC study on fiduciary duty

07/21/2010 | Politico (Washington, D.C.)

Lobbyists are gearing up for a debate over whether a fiduciary duty should be imposed on broker-dealers, which is the subject of a six-month study required by the Dodd-Frank reform bill. If a fiduciary duty were applied to broker-dealers, as it already is to investment advisers, they would be at risk of being sued if they didn't act in their clients' best interests. Industry experts have criticized the proposed regulation as unnecessary and too general.

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Politico (Washington, D.C.)

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