Fiduciary Duty Rulemaking Looms for Brokerage Industry
An article in yesterday’s Wall Street Journal provides a good, short overview of the issues and differing viewpoints surrounding the SEC’s upcoming broker-dealer fiduciary duty rulemaking. As the article correctly points out, registered investment advisers have long been held to a fiduciary standard vis-a-vis their clients. The brokerage industry has generally resisted having any fiduciary obliations imposed on its activities. Stay tuned for what most certainly will be a heavily debated part of the implemenation of the Dodd-Frank Act.
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