Mary Schapiro, chairman of the Securities and Exchange Commission, said legislation to overhaul financial regulation should include a measure that would hold broker-dealers to a fiduciary standard. "I believe that broker-dealers and investment advisers providing the same services, especially to retail investors, should meet that same high fiduciary standard," Schapiro told participants at a SIFMA conference. "This is an issue that I hope will be addressed in regulatory-reform legislation and one that is fully consonant with the principle of fairness that helped guide the development of the securities laws."

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