SEC Expects to Move Forward on the Uniform Fiduciary Standard (with Barrentine Comment)

The SEC, in its recently issued "Fiscal Year 2012 Agency Financial Report," stated that it expects to move forward with recommendations from a staff report to consider a uniform fiduciary standard of conduct for investment advisers and broker-dealers when providing personalized investment advice to retail investors about securities. The referenced staff report is the SEC Study on Investment Advisers and Broker-Dealers, January 2011.

Barrentine Comment: While Elisse Walter, the SEC’s soon-to-be Chairman, is reportedly a longtime supporter of such a move (see recent news article on her particular areas of regulatory focus), it remains to be seen whether she will be able to guide this change through the Commission -- especially given the reservations already expressed by Commissioner Paredes.

View Report in full here (links externally to SEC website).See also: Statements Regarding Study on Investment Advisers and Broker-Dealers by Commissioners Kathleen L. Casey and Troy A. Paredes (January 21, 2011).