SEC CHAIRMAN: ALL SECURITIES PROFESSIONALS SHOULD BE SUBJECT TO SAME REGULATION

Securities and Exchange Commission (SEC) Chairman Mary Schapiro told the Consumer Federation of America at its annual financial services conference in Washington, DC last week: “Securities professionals [i.e., broker dealers and investment advisors] should be subject to the some standard of conduct, the same licensing and qualification requirements, the same disclosure obligations, the same regulatory and record keeping standards and a robust examination and oversight schedule.” Both should have the same fiduciary duty to provide investment advice that puts the investor’s interest first, she said. To read Schapiro’s speech, which covered oversight, regulation, compensation, disclosure, fees, investor education and SEC self-funding, click here.