All financial-services executives who advise investors should be regulated under a single system, Elisse B. Walter, a member of the Securities and Exchange Commission, said at the Mutual Fund Directors Forum's annual Policy Conference. "Regulation of a financial professional should depend on what she does, not what she calls herself or how she is paid," Walter said. "Retail investors should not bear the burden of understanding distinctions between financial professionals that have become increasingly less relevant over the years."

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