REGULATION: Schapiro continues call for single fiduciary standard

SEC Chairman Mary Schapiro last month reiterated her stance that broker-dealers and investment advisers should be subject to uniform fiduciary standards of conduct and regulatory requirements.

SEC Chairman Mary Schapiro last month reiterated her stance that broker-dealers and investment advisers should be subject to uniform fiduciary standards of conduct and regulatory requirements. In testimony before the Financial Crisis Inquiry Commission on Jan. 14, Ms. Schapiro noted that many investors don’t understand the differences in regulations that apply to broker-dealers and financial advisers and that such professionals should be subject to the same regulations regardless of “the label attached.” The 10-member commission is scheduled to issue a report on its various findings by Dec. 15. For a look at Ms. Schapiro’s testimony, visit sec.gov/news/testimony/2010/ts011410mls.htm.