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Monday, July 8, 2013

ABA, ABASA Respond to SEC Info Request on Broker-Dealers

ABA and its ABA Securities Association subsidiary provided information on the duties of brokers, dealers and investment advisers to the SEC. The SEC is considering whether and how to engage in rulemaking under Section 913 of the Dodd-Frank Act that would impose a “standard of care on broker-dealers when providing personalized investment advice to retail customers.”

ABA and ABASA emphasized their support for “efforts to mitigate investor confusion regarding the standard of care a financial intermediary exercises when providing personalized investment advice to its retail clients. However, such efforts should not reduce investor choice or access to the investor education that helps them better understand concepts and options available to them when they make important financial decisions.”

Read the comment letter.

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