Denise Voigt Crawford, head of the North American Securities Administrators Association, raised questions about the idea of implementing a single fiduciary standard for all financial advisers who provide personalized advice. Mary Schapiro, chairman of the Securities and Exchange Commission, has touted the idea, which has SIFMA's backing. Crawford voiced concern with how stringent the standard would be as the details have yet to be worked out. "We may disagree on how to do it, such as simply repealing the broker-dealer exemption from the '40 act, but disagreeing on the way to accomplish the goal does not mean we oppose the goal," said Andrew DeSouza, a spokesman for SIFMA.

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