Dodd bill would do away with "broker-dealer exemption"

11/11/2009 | InvestmentNews (free registration)

Sen. Christopher Dodd, D-Conn., chairman of the banking committee, has introduced legislation that would require brokers who provide investment advice to register as investment advisers. The bill would eliminate the so-called "broker-dealer exemption" that was part of the Investment Advisers Act of 1940. "It would be a dramatic change," said Mercer Bullard, president and founder of Fund Democracy. "Virtually every broker-dealer would have to register as an investment adviser."

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