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SEC Requests Comments on Broker-Dealer/Investment Adviser Study

Under the Dodd-Frank Act, the SEC is required to conduct a study of the obligations and standards of care of broker-dealers and investment advisers providing personalized investment advice about securities to retail investors.  As required by the legislation the Commission is seeking "public input, comments, and data on issues related to the effectiveness of existing standards of care for brokers-dealers and investment advisers, and whether there are gaps, shortcomings, or overlaps in the current legal or regulatory standards." 

In particular, the SEC is interested in comments pertaining to:

the effectiveness of existing legal or regulatory standards of care for brokers, dealers, investment advisers, and persons associated with them when providing personalized investment advice and recommendations about securities to retail investors; and whether there are gaps, shortcomings, or overlaps in legal or regulatory standards in the protection of retail customers relating to the standards of care for these intermediaries.

Comments are due 30 days after the publication of the Comment Request in the Federal Register, presumably early September.  

The full text of the Comment Request is available at:  http://sec.gov/rules/other/2010/34-62577.pdf

Comments may be submitted via: http://sec.gov/cgi-bin/ruling-comments?ruling=4-606&rule_path=/comments/4-606&file_num=4-606&action=Show_Form&title=Study%20Regarding%20Obligations%20of%20Brokers%2C%20Dealers%2C%20and%20Investment%20Advisers