State securities regulators and consumer groups said the Senate banking committee is considering dropping from reform legislation a requirement that brokers who provide investment advice be held to the same fiduciary standard as registered investment advisers. SIFMA supports a federal fiduciary standard drafted by the Securities and Exchange Commission. The change "is a significant improvement over the status quo, which is an uneven patchwork system," said Kevin Carroll, managing director and associate general counsel at SIFMA.

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