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Understanding the Fiduciary Standards for Broker-Dealers and Investment Advisers  


Author:  Danilo P. Castelli.


Source: Volume 28, Number 03, January/February 2015 , pp.49-59(11)




Journal of Taxation and Regulation of Financial Institutions

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Abstract: 

In 2015, the Securities and Exchange Commission (SEC) will likely determine whether broker-dealers are held to the same fiduciary standard of care applicable to registered investment advisers when providing individualized investment advice to their customers. This article first provides an overview of the regulatory framework applicable to broker-dealers and investment advisers and then examines alternative recommendations that have been made by the SEC and by industry participants regarding development of a unified fiduciary standard.

Keywords: broker-dealer regulation; investment adviser regulation; suitability requirement; know-your-customer requirement; fiduciary standard

Affiliations:  1: New York Law School.

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