Sen. Jon Tester, D-Mont., is pressuring Elisse Walter, chairman of the Securities and Exchange Commission, to move forward with a regulation that would hold brokers to a fiduciary duty. SIFMA supports a uniform fiduciary duty for brokers and investment advisers, but has encouraged the SEC to implement the rule carefully. "The SEC as the expert agency needs to roll up its sleeves and define for the first time what a fiduciary standard of care is and provide clear guidance on how a multiservice financial institution can comply with that fiduciary standard of care and service its customers," said Ira Hammerman, SIFMA's general counsel.

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