Schapiro explains how the SEC is tackling the fiduciary issue

08/8/2010 | InvestmentNews (free registration)

Mary Schapiro, chairman of the Securities and Exchange Commission, said the agency is expanding the public-comment process on the issue of a fiduciary duty for anyone who provides retail customers with investment advice. "Comments that recognize the primary and central importance of investor protection but offer suggestions on implementing fair and flexible regulation will help us craft rules that increase investor confidence while preserving brokers' ability to offer a full spectrum of services," Schapiro said.

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