The U.S. Securities and Exchange Commission is following through on a requirement contained in the recently-passed U.S. regulatory reform to study whether to extend to fiduciary obligations to broker-dealers.

On Tuesday, the SEC published a request for public comment, as required under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, 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.

“Broker-dealers and investment advisers provide critical financial services to millions of American investors,” said SEC chairman, Mary Schapiro. “A system that fairly and effectively regulates these market participants is essential to protecting investors. We look forward to receiving comments from the public on these important issues.”

The public comment period will remain open for 30 days.

IE