SEC's Schapiro backs harmonized fiduciary standards

Mary Schapiro, chairman of the Securities and Exchange Commission, said in a speech to the Consumer Federation of America that disclosure and licensing requirements for investment advisers and broker-dealers should be the same. "Securities professionals, regardless of what their business card says, should be subject to the same standard of conduct, the same licensing and qualification requirements, the same disclosure obligations, the same regulatory and record-keeping standards, and a robust examination and oversight schedule," she said.

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