Ex-SEC staffer: B-D exclusion prevents universal standard

09/27/2010 | InvestmentNews (free registration)

Arthur Laby, a Rutgers University law professor and former SEC staffer, recommended changing the rule known as the broker-dealer exclusion that separates broker-dealers from the advice requirements that advisers must meet. Even if the SEC imposes a universal standard of care for retail investors, the rule prevents investment advisers and broker-dealers from having to follow the same rules, he said.

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