Under a proposal by the Obama administration, the Securities and Exchange Commission would be allowed to identify and ban compensation practices at investment brokers and advisers that could put the firms at odds with their fiduciary duties to clients. "While we are still reviewing the legislation, it looks as though these plans were broadly described in Treasury's white paper, and we look forward to adding our pro-reform voice to this important debate," said Andrew DeSouza, manager of global communications at SIFMA.

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