Investment lawyer Charles W. Austin Jr. and SIFMA senior managing
director and general counsel Ira Hammerman debate whether advisers
should be fiduciaries in opposing commentaries in InvestmentNews.
Arguing that both investment advisers and broker-dealers should be
allowed to compete on their own merits, Hammerman writes: "Investors are
best served by choice, ensuring that the industry's many, diverse
customers find a service that best fits their individual needs." Austin
disputes the contention of SIFMA president and CEO Marc Lackritz that
repeal of the rule "would significantly reduce investors' options for
receiving and paying for financial services."

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